We recently passed a tax deadline for some businesses and I’m grateful that my S-Corporation tax returns are complete!
I’m grateful, too, that the tax payments I made last year were on target. (I’m even getting a refund.)
And I’m grateful that I set aside money every month so I have a cushion for taxes, retirement, and other savings goals.
This year, I switched to a Health Savings Account (HSA) plan that allows me to deposit up to $3,600, reducing my taxable income by that amount.
I love this option because I can use the money for health care services outside of my health insurance plan, including massage, energy work, and chiropractic. This year my self-care budget will get a nice boost with money I’ve been setting aside every month.
So much to be thankful for… and it wasn’t always like this. For much of my adult life, saving was not part of my vocabulary. As a business owner, I resented having to pay taxes, and I was never prepared when tax time came.
If your eyes glaze over when you read acronyms like HSA and SEP, you’re not alone. From the perspective of the 8 Money Types (learn more on my website), the Innocent is influencing your relationship with money. This childlike part of you wants to retreat from financial responsibility. She may be thinking, “Can’t someone else puh-leez take care of this?”
If you find yourself judging a friend or your spouse for procrastinating, the Tyrant is doing her thing to create distance in your relationships. It’s important to understand that the Tyrant, known for her lack of tolerance, judges herself just as harshly as she judges others. Ouch.
If you’re one of those people who feels excited about getting your taxes done, or you’ve already sent off your information, your Warrior is serving you well. The Warrior’s confidence and commitment to taking empowering action are just what you need at tax time.
If you’re experiencing anxiety and avoidance, I suggest you invite the Magician to play a role in your tax preparation. Her “medicine” is a powerful antidote that will relieve your self-defeating “symptoms.”
Making a decision to heal your relationship with money is a sacred pact. I recommend you light a candle to sanctify the process. You might just discover that taking one step at a time with serenity, generosity and trust will transform your experience of “doing my taxes.”
A version of this blog was previously published at https://moneywisdomcoach.com/how-do-you-feel-about-tax-time/.