27 Mar Tax time blues: Why is this so hard?
After the holiday glow has finally worn off, you may be hit with a sinking realization that it’s time to pull together tax information and start working with your CPAs, financial advisors, and tax attorneys on the filings for last year.
Tax time can be stressful for a number of reasons, and this year is no exception:
–A shifting legislative environment is making it difficult for you to update financial plans and tax strategies with certainty.
–The psychological hit that comes with facing financial realities such as income, debts, and losses–never mind the taxes themselves–can trigger emotional drain. This is sometimes aggravated by a tendency to procrastinate.
–An abundance of readily-available information about tax preparation can complicate your understanding of what affects you. You may have seen articles and posts that suggest a “wait-and-see” approach, or simply read information that does not apply to you. So, you may first have to overcome the hurdles of misplaced assumptions and misinformation.
But, there’s a bright spot! Many advisors find that the topic of charitable giving can lift everyone’s spirits, even during a stressful tax season. Philanthropy can draw positive emotions to the surface. As you work with your advisor over the next few weeks, be sure to talk about charitable giving. You may, for example, have already established donor-advised or other types of funds at the community foundation. Or you could benefit from getting started with the community foundation right away.
Please reach out to our team. We are honored to be your first call when you’re immersed in tax and financial planning matters and the topic of conversation shifts to philanthropy. We are here for you during tax season and throughout the year.