Taxes & Mental Health: The Emotional Side of Personal Finance
When it comes to mental health, we often think that family, work, or other personal relationships cause the main problems. But another conversation we should be having is how economic standing and finances can also put a toll on mental health. In fact, more than half of Americans have admitted that financial issues regularly stress them out, even surpassing job-related tension. That said, lack of money isn’t just a physical burden, but an emotional one too.
Looming Deadlines
If you’re handling all if your personal finances—including taxes, rent, and other utility costs—you can already imagine the amount of work you need to do whenever you’re preparing to pay for expenses. For the average person, there are a lot of deadlines to stay on top of, like credit cards cut-offs every month to taxes every quarter. It’s important to keep track because … Read More
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Taxes and Mental Health
When it comes to mental health, we often think that family, work, or other personal relationships cause the main problems. But another conversation we should be having is how economic standing and finances can also put a toll on mental health. In fact, more than half of Americans have admitted that financial issues regularly stress them out, even surpassing job-related tension. That said, lack of money isn’t just a physical burden, but an emotional one too.
Looming Deadlines
If you’re handling all if your personal finances—including taxes, rent, and other utility costs—you can already imagine the amount of work you need to do whenever you’re preparing to pay for expenses. For the average person, there are a lot of deadlines to stay on top of, like credit cards cut-offs every month to taxes every quarter. It’s important to keep track because … Read More
New Rules in the IRS
The recently signed “Taxpayer First Act” will benefit anyone dealing with the IRS in several ways. The upgrades outlined in the bill will modernize the agency, as well as improve operations in communication and collections, which will be outlined in this article.
The main category to discuss is communication. The IRS can be a troubling agency to deal with, as taxes can be confusing, and no one wants to deal with a collection agency. With the new bill, communication should become much clearer. This will happen through directly communicating why a claim is rejected, upgrading the efficiency of IRS infrastructure, making it easier to report identity theft, and informing of common scams rather than using hold music. These changes will make the tax paying process more transparent and less intimidating.
The second category of changes is in collection practices. These changes include accepting direct payments for filing, rather than using a … Read More