Surviving Tax Day 2015 - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Surviving Tax Day 2015

(KFVS) -

Tax Day is Wednesday, April 15, 2015 and this can be a very stressful time for many people. So here are some tips for surviving the big day with as few headaches as possible.

First, the bad news.

According to WalletHub

  • $2 billion is the estimated 2015 losses due to reduced IRS enforcement staffing
  • 28 minutes is the estimated wait time for the average IRS caller
  • 16 hours is the time it took the average American to complete their income tax return in 2014 (down 47% from 2006)
  • 4 million is the number of words in the U.S. tax code (5X the Bible and 4X all of the Harry Potter books combined)
  • $21 billion is the amount of expected losses due to tax-refund fraud in 2016

But the good news is that there are things you could do to ease the stress of tax time. 

Standford psychologist Dr. Megan Jones with golantern.com offers the following solutions: 

  • Because your chance of feeling daily stress is the same if you make $40K per year versus $160K per year, realize that more money does not make you less stressed — but your attitude about money can.
  • For many couples, conflict arises during tax season because one partner tends to spend more while the other saves more. Rather than looking back at what each of you did in 2014, use tax time to make 2015 financial resolutions.
  • Because money-related stress is often related to a feeling of helplessness, choose a simple action (such as selling an old item on Craigslist), that you can implement immediately to start positively impacting your savings.
  • To manage different sources of stress, visualize “boxes” where you can put each stressful obligation when you're not actively engaged with it. Avoid thinking about tax and money issues until you consciously decide to take them out of a mental box.

If you need information or questions about your taxes, visit irs.gov

Don't forget that taxes (or a request for an extension) must be filed by April 15.

Copyright 2015 KFVS. All rights reserved. 

Powered by Frankly