Spring is the season when the cherry trees and cottonwoods bloom. For Barbara Halpern, spring is also the season when her workweek blooms to 80 hours or more. Accompanying those long work hours are the colds, migraines, dizziness, and weight swings that plague Halpern and her colleagues at her small accounting firm in suburban Connecticut.
“Everyone is rundown and susceptible,” Halpern, owner of Halpern & Associates, tells WebMD. “We hate the spring and nice weather. It’s not supposed to get warm until April 16.”
Tax preparers like Halpern may bear the brunt of tax-time stress. But nearly everyone has a reason to dread the 1040 tango. Some hate the math; some hate the feds. And yet others hate having to grapple with one of the great mysteries of life: Where did the money go?
Money and Stress
“Money is a major source of stress on people, and what tax season does is shine a great big spotlight on the issue,” Michael McKee, a Cleveland Clinic psychologist and president of the U.S. branch of the International Stress Management Association, tells WebMD. “Money takes center stage at tax time, even if you might have been able to push it to the wings the rest of the year.”
A 2004 survey sponsored by the American Psychological Association found that nearly three-quarters of Americans cited money as a significant source of stress. Money is also consistently among the top causes of marital contention, says Olivia Mellan, a psychotherapist and financial self-help author based in Washington, D.C.
The Emotional Toll of Taxes
Often, one partner in a marriage is a spender who avoids any discussion of money, while the other partner is a saver and a worrier, Mellan tells WebMD. The result is resentment at tax time, when both partners must examine how their habits are affecting progress toward their financial goals.
Herewith, a few tips for stressed-out taxpayers: