Income Tax Tips for ADHDers: Navigating the Maze with Ease
Tax season is here and I know firsthand how overwhelming it can feel to tackle those tax forms and paperwork. But fear not because I've got your back with some tips to help you navigate things for 2023. (I can also help you with your taxes so if you’d like help, I’ll share some info below.)
Simplify Your System: Let's face it – traditional methods of organization can be a struggle for those of us with ADHD. Instead of fighting against your brain's natural tendencies, find a system that works for you. Whether it's colour-coded folders, digital apps, or sticky notes, lean into what works for you to keep track of important information and documents. Personally I try and start a new folder at the start of the year to put things I’ll need to my taxes in so I don’t ‘de-clutter’ an important document when I’m sick of it being on my desk. Full disclosure I also have a folder of paperwork to be filed for when I need something out of the way but don’t want to take the extra time to figure out exactly where it needs to go.
Break It Down: Tax preparation can feel like a lot when viewed as a whole. Break it down into smaller, more manageable steps. Set aside dedicated time each day or week to tackle one aspect of your taxes, whether it's gathering documents, entering data, or finding someone to help you. Small wins add up! And in the grand scheme of things, unless you are self-employed, there probably isn’t a lot you need to collect to get ready for your taxes.
Set Reminders and Deadlines: Don’t let time blindness get the best of you! Set up reminders on your phone or calendar to keep you on track. The big one to know for this year is the tax filing deadline, which, for Canadians, is April 30, 2024. This is also when any income tax amounts owing are due if you want to avoid paying interest and fees. If you or your partner/spouse are self-employed, you have until June 15, 2024, to file, but any amount owing is still due by April 30, 2024 (which doesn’t make sense to me because you don’t know exactly what you owe until your taxes are done).
Minimize Distractions: If you are working to prepare your own taxes or need to get focused on tracking your self-employment income and expenses, create a distraction-free environment to help you stay focused. Turn off notifications, find a quiet space, and consider using tools like noise-cancelling headphones or white noise machines to help you stay focused.
Reward Yourself: Let's inject some positive reinforcement into the tax filing process! Set up a reward system to incentivize progress and completion of tax-related tasks. Whether it's a favourite treat, a relaxing break, or a fun activity, celebrate your accomplishments along the way.
Get Support: You don't have to go it alone! Enlist the help of a trusted friend, family member, or professional to support you through the tax filing process. Whether it's helping you gather documents, double-checking your return, body-doubling, or providing moral support, having someone in your corner can make all the difference.
Use Technology to Your Advantage: Explore tax software options that offer step-by-step guidance, automatic calculations, and error checks to streamline the process. Leverage apps and tools designed to help individuals with ADHD stay organized and on track. Most tax software will also let you pull information from your CRA account to make the process go a lot faster and reduce keying errors! I love WealthSimple tax and have used it personally for the last few years.
Be Patient with Yourself: Be kind to yourself throughout the tax filing process. ADHD can present unique challenges, but it doesn't define your worth or ability to succeed. Practice self-compassion and acknowledge your efforts, regardless of the outcome. You're doing the best you can, and that's something to be proud of.
Celebrate Your Accomplishments: Once you've conquered your taxes, take a moment to celebrate your accomplishments. Treat yourself to a well-deserved reward, whether it's a relaxing day off, a favourite activity, or simply basking in the satisfaction of a job well done. You've overcome obstacles and navigated the tax maze – that's no small feat!
With a bit of patience, support, and maybe a few extra lattes along the way, you've got this! Remember, you're not alone in this journey, and you have the strength and resilience to tackle any challenge that comes your way. Now go forth and conquer those taxes like the rockstar you are!
And as promised, if you want support with your taxes, I can help or are an entrepreneur and want to be more prepared with $$$ saved at tax time, I’ve got a system that my clients love. You can email me at sherry@moneymindsetfc.com OR book a time to chat. I want tax time to be way less stressful for you, and dare I say, something you may even get excited about??!!!
