Some people look forward to tax season as a time of unexpected bounty; others approach it with as much enthusiasm as a deer might have for bowhunting season. For much of my career, I\u2019ve been a self-employed person with erratic earnings. I usually owe. I put off filing for as long as possible, and then I often request an extension.<\/p>\n
Procrastination is tempting: The Internal Revenue Service projects<\/a> that it will receive requests for extensions from over 20 million people this year. Maybe we delay filing because, according to the I.R.S.<\/a>, it takes 13 hours to fill out the forms. Or maybe tax time forces us to confront a topic we often prefer to avoid: finances.<\/p>\n As of February 2022, 65 percent of Americans considered money a major source of stress<\/a>, according to a survey published by the American Psychological Association. And there\u2019s evidence that chronic stress from financial worries can take a toll<\/a> on mental and physical health, contributing to increased risk of cardiovascular problems<\/a> and insomnia<\/a>.<\/p>\n \u201cPeople think of money as numbers on a tax statement, but it\u2019s really not,\u201d said Megan McCoy, an assistant professor in the department of personal financial planning at Kansas State University. \u201cMoney is about power, control, safety, your future. It\u2019s about survival, yet we try to repress the emotions that come up.\u201d<\/p>\n As tax day looms \u2014 this year it\u2019s April 18<\/a> \u2014 I reached out to experts for tips on facing the emotions around money and managing the stress.<\/p>\n A 2021 survey<\/a> by the American Institute of Certified Public Accountants found that financial decisions are a significant source of conflict for nearly three-quarters of couples who are married or living together. Unsurprisingly, tax time can bring up all that tension, said Kristy Archuleta, a professor in financial planning at the University of Georgia.<\/p>\n Financial beliefs, emotions and behaviors are often rooted in the experiences we have in our families, said Marsha Barnes, a certified financial therapist in Charlotte, N.C. Knowing how your partner formed their money values can build empathy and understanding when your perspectives differ, Dr. Archuleta said, which can make filing taxes \u2014 and having conversations about money all year long \u2014 a little less adversarial.<\/p>\n Dr. McCoy suggested that you and your partner share your \u201cmoney stories\u201d with each other in detail. \u201cYou can ask questions like: Who paid the bills in your family? What early money memory gives you the most shame and the most pride? What did your parents do with money that you would never do yourself?\u201d<\/p>\n These are \u201cpowerful conversations\u201d that you\u2019ve probably never had with your partner, she said.<\/p>\n Jason Radley, an associate professor in the department of psychological and brain sciences at the University of Iowa, has found in his research<\/a> that, when people are exposed to life stressors, those who confront them, rather than avoid them, have lower levels of stress hormones.<\/p>\n So don\u2019t dawdle, said Dr. McCoy. \u201cProblems in finance always come from delaying facing it head-on,\u201d she said. \u201cThe sooner you figure out what your tax situation is, the sooner you can talk to the government about a payment plan and figure out lower-interest options.\u201d<\/p>\n And, even if you\u2019re not facing the nausea-inducing prospect of writing the government a check, if you wait too long to file, you may be so rushed that you miss a potential deduction or make an error, she added.<\/p>\n Dr. McCoy suggested a technique for managing your anxiety: listing all the worst-case scenarios you imagine around doing your taxes. \u201cMaybe you\u2019re scared you\u2019re going to owe money,\u201d she suggested. \u201cMaybe you\u2019re afraid you\u2019re going to go to debtor\u2019s prison.\u201d Making a list of worries, she said, allows you to figure out which of these scenarios are more realistic and need to be directly addressed.<\/p>\n If, for instance, you\u2019re afraid you\u2019ll be audited \u2014 a fear that the I.R.S. reports<\/a> is more pervasive among Generation Z and millennials \u2014 I have some encouraging news: According to research from Syracuse University, the odds of that are only about 0< .38 percent<\/a>.<\/p>\n Most taxpayers\u00a0can use the I.R.S. Free File program<\/a> to complete and electronically file their returns at no cost, said\u00a0Ken Corbin, commissioner of the wage and investment division at the I.R.S. He added that some taxpayers qualify for free I.R.S. Volunteer Income Tax Assistance<\/a> to help with tax form preparation. <\/p>\n Starting earlier can also help reduce stress. Next year, I\u2019m going to remember the anxiety that tax time caused and channel that energy into filing early. (Every year, the I.R.S. announces the earliest date that you can file; this year, it was Jan. 23.)<\/p>\n And Corbin suggested carrying out a record-keeping plan right after you file your 2022 return \u2014 a not-so-festive reminder that, for the I.R.S., \u201ctax season\u201d is all year round. \u201cYou\u2019ll be glad you did,\u201d said Corbin. \u201cYou can do this.\u201d<\/p>\n Most people who embark on an exercise regimen measure their progress by monitoring their weight. But it may not be the most accurate metric to assess how fit you are. Dana G. Smith explores three expert-backed alternatives, including tracking your heart rate.<\/p>\n Read the story: <\/strong>3 Ways to Measure How Fit You Are, Without Focusing on Weight<\/a><\/p>\n\n Gun violence \u2014 now the No. 1 cause of death among American children and teens \u2014 has altered how many Times readers live their lives. Some people avoid crowded events or stay at home more often. Others have moved to different cities or even different countries to escape the pervasive fear. Christina Caron reports on its stark emotional toll.<\/p>\n Read the story: <\/strong>Gun Violence Has Changed Us<\/a><\/p>\n Here are some stories you don\u2019t want to miss:<\/p>\n Kiera Carter explains why anxious thoughts and excruciating memories<\/a> seem to pop up as you\u2019re trying to fall asleep.<\/p>\n<\/li>\n Catherine Pearson shares detailed instructions for talking to your teen about cannabis<\/a>.<\/p>\n<\/li>\n If you\u2019re wondering whether a midday nap helps when you\u2019ve slept badly<\/a>, Jyoti Madhusoodanan has you covered.<\/p>\n<\/li>\n Does the right running shoe<\/a> really help you to run faster and more efficiently? Cindy Kuzma explains the research.<\/p>\n<\/li>\n<\/ul>\n Let\u2019s keep the conversation going. Follow Well on Instagram<\/a>, or write to me at well_newsletter@nytimes.com<\/a>. And here is last week\u2019s newsletter about the \u201cmiddle-aged groan<\/a>.\u201d<\/p>\n Thank you for being a subscriber<\/strong><\/p>\n Read past editions of the newsletter here<\/a>.<\/p>\n If you\u2019re enjoying what you\u2019re reading, please consider recommending it to others. They can sign up here<\/a>. Browse all of our subscriber-only newsletters here<\/a>.<\/p>\n Have feedback? We\u2019d love to hear from you. Email us at well_newsletter@nytimes.com<\/a>.<\/p>\n The post Why Money Makes Everyone So Anxious <\/a> appeared first on New York Times<\/a>.<\/p>If you share expenses with someone, exchange \u201cmoney stories.\u201d<\/h3>\n
Try not to procrastinate.<\/h3>\n
Build coping strategies into tax season.<\/h3>\n
Your scale may not be the best way to gauge your health and fitness.<\/h3>\n
We asked readers how the threat of gun violence has affected them. Over 600 people responded.<\/h3>\n
The Week in Well<\/h3>\n
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