Tax Season: A Survival Guide (and a Few Laughs)

Let's face it, tax season isn't exactly the most exciting time of year. It's like being the kid in class who never paid attention in math, and now you're the one who has to figure out the Pythagorean Theorem to save your bacon.

Remember those memes about learning the biology of a locust in school? Yeah, that's pretty much how relevant those lessons feel right now. But hey, at least you know the difference between a grasshopper and a cricket, right?

So, you're not tax compliant. You're feeling a mix of dread, confusion, and maybe even a little bit of denial. It's like being lost in a maze, and the only clue you have is a half-eaten map and a compass that's pointing in the wrong direction.

Let’s delve into fight-flight-freeze for a few seconds:

When we're faced with something unfamiliar or overwhelming, like tax filing, our bodies can trigger a stress response. This can manifest as either a "fight" response, where we become agitated and try to tackle the problem head-on, or a "flight" response, where we shut down and avoid the situation altogether.

For many people, the thought of filing taxes can evoke a strong "flight" response. They might feel overwhelmed, confused or even scared. As a result, they might procrastinate, avoid the task or hope that the problem will simply disappear.

However, this avoidance strategy can be counterproductive. The longer you delay filing your taxes, the more likely you are to face penalties and interest charges. It’s important to recognise the fight-or-flight response and find healthy ways to manage stress.

Here's what you need to do:

Don't panic. Okay, maybe a little panic is okay. But seriously, take a deep breath. You're not alone. Millions of people go through this every year.

Gather your documents. This might feel like a herculean task, but it’s essential. Think of it as a treasure hunt and your tax documents are the gold.

Find a tax professional. If you're feeling overwhelmed, don't be afraid to ask for help. A tax professional can guide you through the maze and help you avoid any costly mistakes.

Be honest. It’s tempting to fudge the numbers a bit, but that’s a recipe for disaster. Be honest with your tax professional and they’ll help you find the best way to file your return.

And remember, even if you're not tax compliant, it's never too late to get back on track. So, don't let the stress of tax season get you down.

Just remember, you're not alone, and there's always a way out of the maze.

Gathering Your Documents: A Step-by-Step Guide
1. Gather your IRPs:

Check your online banking portal: Many banks allow you to download your IRPs directly from their website.
Contact your employer: If you're still employed, your employer can provide you with a copy of your IRP.
Check your SARS eFiling account: If you've filed your taxes before, you may be able to find your IRPs there.
2. Scan and save electronically:

Use a scanner: Scan your IRPs and save them as PDF files.
Cloud storage: Consider using a cloud storage service like Google Drive or Dropbox to store your digital copies. This will ensure they're accessible from anywhere.
3. Keep hard copies:

File away: Keep a physical copy of your IRPs in a secure location.
Retention period: According to SARS, you should keep your tax records for five years.

Today I’m feeling relieved and a little victorious about my Tax Compliant status but I could not have done this on my own. Full credit to GVS Consultancy🎱