Are you happy and relieved that April 15 has come and gone? I am! I love tax day, but that wasn’t always true for me. Tax day is a mirror for your relationship with money. For most people, taxes are their biggest expense of the year.
What was your experience in 2013?
READ: Money Coach: Do you have a fear of money?
Characteristics of a Healthy Taxpayer
- Maintaining a tax savings account
- A sense of control, calm and peace of mind while preparing your taxes
- An empowering, systematic approach to tracking your personal and business expenses throughout the year
- A positive, easy and affirming relationship with your accountant
- Taking time to reflect on what went well with taxes this year and what you can improve upon
- Taking action now to set yourself up for success next April
- Receiving refunds
READ: Is hiring a financial planner worth the cost?
Characteristics of People with TAD (Taxpayer Anxiety Disorder)
- Suffering from behavior related to tax matters: overspending, overeating, overworking, distraction, deprivation, isolation, dishonesty, imbalance, poor physical health, anxiety, loss of sleep, restlessness, irritability or loss of appetite during or around tax season
- Inability to address tax problems in a timely manner
- Owing back taxes
- Remaining disempowered and uneducated about your personal tax strategies and liabilities, a.k.a. “just signing the papers”
- Going into credit card debt to pay taxes
- Avoiding tax related responsibilities: paperwork, mail or phone calls
- Behavioral paralysis with respect to addressing tax-related matters
- A frightening, threatening or disconnected relationship with your accountant
- Doing the same thing year after year expecting different results
- Unexpectedly owing taxes
I used to be the client that my CPA dreaded. Before getting help from a money coach, I was terribly disorganized with my finances, which contradicted the Type-A tendencies in other areas of my life.
READ: 4 dangerous financial mentalities to avoid
I suffered through the process of cobbling together reliable information based on boxes of receipts, scribbled notes in multiple notebooks, and bank statements.
Now, I am my accountant’s dream client.
And the best part? The discipline for staying in control of my money takes just five minutes a day. Amazingly, taking this leap of faith and becoming mindful with my money impacted every area of my life from family dynamics to intimate relationships to business growth.
Account balances aside, a new, sustainable and holistic approach to financial freedom is just a phone call away.