Death and taxes: Let's say you could avoid one. Which would you choose? It's a close call for those who avoid filing until the last minute. And, come tax day, they find themselves sprinting toward the post office five minutes before midnight with a hastily stuffed envelope in hand. Psychologist Sara Wedeman, founder of the Behavioral Economics Consulting Group, knows the type well. She penned her dissertation in ten days. The topic: Procrastination. Here, she has a few tips to prevent this tax season from becoming a near-death experience.
- Take Baby Steps. "Every day you put your taxes off they seem to get bigger and bigger. People spook themselves so they don't even start," Wedeman says. "They wait until the consequences of not doing them are worse than the pain of doing them." So polish off the easy stuff first. If you haven't done so already, pile all the forms and documents you need into one drawer. If you leave things for the last minute, at least all the parts will be assembled.
- Don't Fight the Man. Some people put off their taxes as a form of mental protest; they have a bone to pick with the government and remain in denial about their contribution. That is, until the deadline forces them to face reality. "They're sort of saying, "You're not the boss of me,'" Wedeman says. It's a childish mentality and harms no one but the person in denial. "Not paying your taxes because you object to the war in Iraq or welfare mothers doesn't make any [political] difference," she says. "All it does is get you into hot water." So accept the necessity of paying taxes and channel your rage into supporting causes that you believe in.
- Divide and Conquer. Money always causes stress in relationships. When you add deadlines and paperwork, you've got a perfect storm brewing. But if, say, one partner is an organizer and another is an analyzer, your best bet is to take advantage of these differences. One person can pull everything together and the other can do the math. Wedeman hates how her husband wants everything organized and structured, but when it comes to taxes she sees their differences in a much more positive light. "Good cooperation doesn't require ten years of psychoanalysis," She says. You just need to sit down together and figure out each person's strengths and interests. "If you can't fix it, feature it." So stop judging and start drawing up a game plan based on teamwork.
- Father Doesn't Know Best. People often go to friends or family for tax advice, "which can be a mixed bag," according to Wedeman. She's found that people continue to ask family members for help even when their track records are less than stellar. Why? Money is a bigger taboo than sex, and people don't like to talk about it with strangers. "It's an area where people feel vulnerable and they don't really know whom to trust."
- Seek Professional Help. "You have to know the limits of your own competence," Wedeman says. Some people stubbornly refuse to admit weakness and proceed to do their taxes on their own, no matter how complex the deductions. Or they think they're saving scratch by not hiring an accountant. But by refusing to pay for competent help, you might end up paying more. Also, remember that time is money. Divide the cost of a visit to your local accountant by the hours of frustration you'd spend poring over forms, receipts, and bank statements—then decide if the wage (or rage) is worth it.
It's OK, you can trust the nice man with the tie and the calculator. This won't hurt a bit.
