Woman frustrated while doing taxes.

Overcoming Tax Season Anxiety

Tax season has begun! And for many, the daunting task of tax preparation provokes anxiety and procrastination. And a lack of financial organization makes the process all the more challenging.

At Eddy & Schein, we see a myriad of reasons our clients come to us for help with organizing for tax preparation:

  • Disorganized finances
  • Not having filed taxes for years
  • Defaulting on or making only sporadic payments on tax payment plans
  • Neglecting to pay estimated taxes
  • Having to file multiple state returns because of a move or income sources in other states
  • Missing out on all the deductions to which they’re entitled
  • Documenting medical-related transactions
  • Tracking and reporting expenses related to the purchase and improvement of a house they’re selling
Tax Preparation Needs and Wants.

Now is a good time to evaluate whether your tax preparer is a good match for the complexity of your tax situation.

  • Do you want to sit down in person with your accountant and have them organize your data?
  • Do you prefer using an accountant’s online portal to minimize the collection and transmission of paper?
  • Have you outgrown online or franchised tax preparation services and now need more personalized service?
  • Are you paying too much for an accountant/tax attorney offering more sophisticated expertise than you need?

Determine if your answer to any of these questions is aligned with your current tax preparation process. If not, seek a professional or service that can help make your tax season less frustrating. Eddy & Schein Group can help you organize so that you’re ready to hand off your tax information to your preparer.

Tax Organization Tips
Keep It All Together

Start by creating a physical or digital filing system to collect all tax documents and information for easy and organized access.

Use Helpful Tools

If your accountant provides you with a tax organizer, use it as a guide to inform you (or someone assisting you) about your previous year’s data:

  • Income sources you reported to the IRS last year
  • Deductions and credits you took last year
  • Your filing status
  • Number of dependents you claimed
  • Your bank account for direct deposit of refunds
Make Yourself Smarter about Tax Preparation

Find more understanding and some specific instructions in our helpful articles: Getting Organized for the Tax Season, 8 Important Things to Give Your Tax Accountant, and, if you’re helping your parents or other seniors with their taxes, Helping Senior Parents Organize for Tax Season. You can also download a free copy of our Tax Season Tipsheet.

Filing an Extension

If you need or want to put off the inevitable for a few months, just know that even if you request a filing extension, any tax you owe needs to be paid along with submitting the extension. So, you’ll still need to give your accountant a general idea of your income and deductions now so they can estimate your tax liability.

Feeling overwhelmed about tackling your taxes? Eddy & Schein Group stands ready to help you collect, research, and sort so you can present a well-organized package of materials to your accountant. Just give us a call.

Eddy & Schein Group helps:

Tell us what you need.

Call for a free phone consultation.

Serving the Tri-State Area

Eddy & Schein Group helps:

Seniors and their Families
People Facing Life Transitions
High-Net-Worth Individuals
Young Adults and Families
Legal & Tax Professionals
and their Clients
Tell us what you need.
Call for a free phone consultation.

Serving the Tri-State Area

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