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Tackle Tax Anxiety: Master Your Tax Return Shenanigans For Good

Got that tax return dread creeping up on you? Fear no more! Procrastination is a common pitfall, and we all fall into it at times, especially when tackling the not-so-fun task of filing tax returns. But how do we avoid that sinking feeling? Let's dive into what behavioral economist and author Thomas Mathar has to say about this taxing situation.

The Skinny Many of us tend to delay tackling complex and unpleasant tasks, and filing our taxes is no exception. So, what's keeping you from getting your financial house in order?

Mathar Speaks In a chat with us, Thomas Mathar explains that the main culprit behind our tardiness is typically procrastination. While it may seem logical to file our taxes early and enjoy the refund quickly, we're often driven by our aversion to the perceived complexity of the process.

The Lowdown Here's the deal:

• Complexity is intimidating. With the tax system appearing mysterious to many, fear of making errors or mistakes looms large.
• Without an immediate reward for our efforts, motivation takes a back seat. After all, the rewards for our tax-filing work won't show up until much later.
• There's not much social pressure to reward early filers, as secrecy shrouds the process.
• Furthermore, absent that urgent nudge, we often don't feel motivated to act until the deadline's breathing down our necks.

Rooting Out the Fear The hesitation over filing taxes is often rooted in negative emotional baggage, such as past mistakes or unfounded assumptions. Adopting a positive mindset and recognizing the value of financial control can help shift your perspective.

Imagine viewing your tax return as an annual financial check-up instead of a dreaded chore. Or, view the process as a chance to gain a better understanding of your financial situation and optimize your finances for the long haul.

Tackle Time To tackle the dreaded bureaucracy, consider implementing various motivational methods. Connect the creation of your tax return to a pleasant activity, like enjoying a tasty treat or taking a deserved break after completing a section. Divide the task into smaller steps, like collecting your documents first, or setting aside specific time slots to focus on the task.

Don't underestimate the power of peer influence: If you learn that many in your network have already filed their taxes, you may be motivated to join them and make progress.

So, this tax season, arm yourself with the knowledge to conquer procrastination, and take control of your financial future.

About the person: Dr. Thomas Mathar is the mastermind behind the Center for Behavioral Research at Aegon UK, a British provider of investment and financial services. There, he explores the motivations, instincts, actions, and environmental factors that drive or deter people from making better financial decisions.

Source: ntv.de, Christoph Jaensch, dpa

Enrichment Data:Overall:Mastering procrastination and conquering the anxiety of filing tax returns involves the intelligent combination of strategic planning, habit formation, and behavioral adjustments. Here are some actionable strategies to help you tackle procrastination and file your taxes earlier in the year:

Strategies to Overcome Procrastination

1. The 5-Minute Rule:
2. Identify the task you're putting off, like organizing your tax documents.
3. Set a timer for 5 minutes and focus solely on the task during that time.
4. Often, the initial 5 minutes can be the most challenging, but once you get started, you'll find momentum carries you forward.
5. Establish a Consistent Routine:
6. Identify your peak productivity times and schedule crucial tasks, such as tax preparation, during these slots.
7. Break Tasks into Bite-Sized Pieces:
8. Break the task of filing your taxes into smaller, manageable tasks, like gathering receipts, organizing documents, and filling out forms.
9. Develop a detailed checklist and celebrate each small milestone completed.
10. Create a Structured Environment:
11. Ensure your workspace is organized and free from distractions.
12. Use productivity tools, like website blockers, to minimize digital distractions.
13. Build Healthy Habits:
14. Prioritize regular exercise, sleep, and healthy eating as they reduce stress and increase productivity.
15. Incorporate mindfulness and deep breathing exercises to help manage anxiety related to tax preparation.

Tackling Aversion to Filing Tax Returns

1. Set Specific Goals:
2. Decide on a specific date to complete your tax returns.
3. Break the task down into smaller goals, like completing one form per day.
4. Celebrate Progress:
5. Reward yourself for each milestone achieved in the process.
6. This helps to maintain motivation and keep you moving forward.
7. Seek Support:
8. Consider hiring a tax professional or using tax software to simplify the process.
9. Discuss your concerns with friends or family members who have successfully filed their taxes early.
10. Embracing the challenges of complex tasks like vocational training and filing tax returns may initially feel daunting due to their perceived complexity, but overcoming this fear can lead to a stronger financial lifestyle and improved personal-finance management.
11. To conquer the pitfalls of procrastination, adopt strategies such as the 5-minute rule, establishing a consistent routine, breaking tasks into smaller, manageable steps, creating a structured environment, and building healthy habits.
12. Recognizing the value of vocational training in your personal-finance and home-and-garden lifestyle can help motivate you to prioritize this endeavor, ensuring you invest in your future and enhance your skills in various areas.
13. Completing vocational training and filing tax returns ahead of schedule allows for the early reaping of rewards, like a refund, and provides a sense of accomplishment that fuels continued progress in your personal-finance and career development.
14. Seeking the support of professionals in areas like vocational training and taxes can alleviate the intimidation surrounding these tasks, enabling you to carve out a stronger financial future with greater confidence and control.

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