If just the idea of filling out your tax return sends waves of fear through your mind, you are not alone. Thousands of people have fears about doing their taxes, and some people even avoid filing them and get in trouble for this avoidance. Don't let that happen to you. The truth is that there is probably nothing to fear about your tax return. In fact, it can lead to some great things, so consider these reasons you shouldn't fear doing your taxes.
You May Get Money Back
Although many people fear that they might owe thousands of dollars to the IRS when they file their taxes, a lot of those people end up getting money back from the IRS from funds they overpaid in taxes throughout the year. Even some freelancers who weren't charged money on their taxes may not have to pay if they qualify for significant deductions.
When you get money back from your taxes, you may be able to use it to pay for taxes that are owed to the IRS from previous years. That can help you get ahead and ultimately stop fearing tax time every year. It may even help you come to peace with it and see it as just another part of protecting your financial health.
Your Accountant Is on Your Side
You may put off doing your taxes because you are afraid of negative feedback on how you have handled your finances in the past year. It's okay if you have mismanaged your personal funds. Many people don't have a savings account, so your accountant will understand if you have not saved enough money to pay any taxes that you may owe up front.
Your accountant is there to support you, not judge you. In fact, your accountant is on your side and is your ally in figuring out what needs to be done for your taxes. He or she is on your side and is looking out for your own best interests.
Finally, keep in mind that it is best to do your tax return by the filing deadline in mid-April, but you will likely be able to get an extension if you need it. That doesn't mean that you aren't responsible for fees during that time, though. If in doubt about your situation, talk to your accountant like Kenneth L Lahner CPA about what your rights and responsibilities are. No matter how worried you are about your situation, there is no need to fear doing your taxes.