Web Wealth: Websites to ease your tax stress

At WebMD, lowering stress and, maybe, raising refunds?
At WebMD, lowering stress and, maybe, raising refunds?
At WebMD, lowering stress and, maybe, raising refunds?GALLERY: At WebMD, lowering stress and, maybe, raising refunds?
By Reid Kanaley, Inquirer Columnist
Posted: March 11, 2013

Taxes complicate our lives every year, but changes in the rules may be making this year especially difficult. These sites explain the changes and tell you how to plan and how to cope with tax stress.

Higher taxes on dividends, capital gains, and estates didn't turn out to be as steep as feared by some, but there are many changes for 2013. Tax "must-knows" for 2013, detailed by the investment site Morningstar, include reminders about the changing contribution limits to IRA accounts. You can still make contributions for 2012, and the limits are $5,000 for individuals under age 50, and $6,000 for those 50 and up. A new, higher limit applies if your contribution is for 2013 - $5,500 for the under-50 set, $6,500 for older individuals.

http://bit.ly/Y0t3lK

Kay Bell's Taxes blog at bankrate.com takes an ongoing, close look at how taxes changed this year, and at how taxes affect us all every day. She has a recent post on the possibility of new gasoline taxes and another on the "myth" that people move from state to state primarily for lower taxes. Her post here with the table of newly permanent tax brackets will give you a bird's-eye view of where you stand - the sort of perspective you don't necessarily get while filling out your IRS forms. You can follow Bell @taxtweet on Twitter.

http://bit.ly/Y0tbSl

Tax stress is the subject of this article at WebMD. "Nearly everyone has a reason to dread the 1040 tango," it says. "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?" Among other things, dealing with the stress means taking steps to file early, hire a preparer, and, if necessary, seek the filing extension.

http://bit.ly/ZlU9kY

More stress-reducing advice is on hand from the American Psychological Association, which relates tax-time stress to many individuals' money worries.

http://bit.ly/Wao6XL

Small businesses - set up as partnerships, sole proprietorships, and other corporate organizations - need to know what new tax rules mean for them. The Yahoo Small Business Advisor site has this article on notable changes this year, including the rise in Social Security payroll taxes, a higher Medicare tax for high-income earners, and several tax breaks. Those include an extension of credits for investments in equipment, hardware, and software.

http://yhoo.it/10hrXlT

If tax time is stressful, it could be because your brain has gone into "fight-or-flight mode" connected to other financial problems in your life. To relieve financial stress, says HowStuffWorks, take stock of your money priorities, make a budget, and stick to it. These and other suggestions are here:

http://bit.ly/13JRqZw

Contact Reid Kanaley

at 215-854-5114, rkanaley@phillynews.com

or @ReidKan on Twitter.

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