Tax Season Relief

You know what they say: Nothing is certain except for death and taxes. So try as you might, there’s no avoiding the looming tax season—but you can streamline the process and keep your sanity. We tapped some experts on taxes, organization and life in general to tell you how to hold it together. Sound like an OK deal?

Start filing the receipts and documents you collected throughout last year right now. “Have a system in place that you can use all year to prepare for tax season so that you are not waiting until the last minute to get organized,” says organization expert Jennifer Ford Berry, author of Organize Now! Your Money, Business and Career. “Label a file with the year in early January so you can keep everything for the current tax year in one place.” If you’re using an accountant, Berry also suggests making an appointment no later than mid-month.

As documents roll in by snail mail, keep a spot available for letters so nothing gets lost. “Keep a large envelope near where you keep your mail for ‘Important Tax Documents’ that will begin to arrive early in the year,” says Rachel Kieser, a CPA at Drucker & Scaccetti, PC.

MORE: A Finance Guide for New Parents

Think upping your coffee intake will get you through the fatigue of tax season? Not a good idea. “Easy straightforward things make a huge difference,” says health and wellness coach Dr. Heather McNally. “Get away from the computer at night, get regular sleep and reduce caffeine, which causes anxiety, depression and insomnia, interfering with the neurotransmitter that helps you sleep at night.”

Tend to procrastinate? Break the tax process into smaller chunks of time to avoid getting offtrack. “First, go through your checkbook and bank statements to find possible deductions. Some credit card statements will include annual expense reports summarized by category,” says Kieser. “Next, search email folders for keywords like ‘donations,’ ‘charity,’ or ‘deductible’ to look for receipts. Then look at December investment account statements, which usually include necessary information like realized gain and loss schedules and transaction summaries.”

Can’t find the right document? Is your tax software refusing to function correctly? Stop for a few seconds, drop everything and relax. “If you can, just take five minutes,” McNally says. “Sit, deep breathe and count your breaths. You can read the Bible or a poem, or just simply repeat a phrase like ‘Fill me with peace’ or ‘Let me be calm.’” Once you feel clear-headed again, start back in.

Dig into itemized deductions, but save time. “Estimate your Adjusted Gross Income (AGI) for the year. If you think that your family’s medical expenses will be over 7.5 percent of your AGI, then spend the time gathering receipts and information for this deduction. Otherwise, don’t bother!” says Kieser. Same goes for unreimbursed employee expenses. “The total of these expenses must be over 2 percent of your AGI in order to take the deduction,” Kieser says. “Real estate taxes are usually included on Form 1098, Mortgage Interest Statement, from your lender. However, if you don’t have a mortgage, you can call your township or county to get the amount you paid, or sometimes it is available online.”

Did you know you can deduct for child care? Don’t forget. “Taxpayers can deduct up to $3,000 for one child and up to $6,000 for families with more than one child,” Kieser says. “Make sure to get a statement from your child’s day care center, which includes the day care’s EIN, and remember to check it for accuracy. And don’t forget about camp, other than sleepaway camp. These expenses qualify for the credit, too!”

And on that note, you don’t want to lose out on any of the money you rightfully deserve, so check the web for more information. “Go to www.kiplinger.com for a list of commonly missed deductions,” Berry suggests.

MORE: Should You Lend Money to Your Adult Kid?

It’s even more essential to get your me-time in during stressful seasons of life. Don’t skip this sanity-saving step. “Documents say 15 minutes, but I recommend a half hour of aerobic exercise,” McNally says. “Walking is sufficient, which releases natural endorphins, and those are natural anti-depressants. Also, you feel isolated when you’re stressed, so have friends you can contact as a support. Positive people give you energy and lightness.” Sitting down at that desk during tax season will come easier if you schedule a few lunch dates and get some fresh air along the way.

Not ready to think about Taxes: 2014? You should, anyway. To make life easier next time around, make arrangements for organization now. “Keep a ‘Tax Folder’ for paper documents and a separate ‘Tax’ email folder in your inbox,” Kieser says. “Put all tax-related information in these folders during the year. Make copies of checks for deductible items and keep them with the receipts in the folder. Keep records of child care and camp costs. Make notes of any tax questions you may have that you would like to discuss with your accountant, and keep these in the folder.”

Speaking of tracking those deductions, a few minutes every week will prevent major hassles each tax season. “If you have online banking, go through your transactions weekly and mark them by category,” says Kieser. “At the end of the year, you can download a statement showing transactions broken down by category.”

Also track spending with paper receipts. “Designate one place to store all receipts that are tax deductible,” Berry says. “You can use a labeled accordion file that is organized by category, or a simple manila envelope.”

MORE: I Totally Ignore My Family's Finances

If you’re tired, you can skip one measly week or month and get back on track, right? If you do, you’ll be making it that much harder on yourself. Outline a plan to reduce havoc. “Set a calendar appointment to remind yourself monthly or quarterly to go through your information—and keep to it!” says Kieser.