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Money & Career

Overwhelmed During Tax Season, Working Moms & Taxes

Considering all the tasks a working mother has to do inside and out of the home, it may not be surprising that according to a new survey of working mothers commissioned by H&R Block, 42% of them feel overwhelmed during tax season. According to the H&R study, 1/3 of mothers would rather watch their child’s favorite show for a week straight if it meant that they didn’t have to prepare their tax returns. 34% of moms cite owing money on their tax return as their greatest source of anxiety when it comes to taxes, gathering the necessary paperwork comes in at a close second with 24%.

Kelly Phillips Erbs, a senior Forbes contributor discovered that families who had not adjusted their withholding in 2018 would owe taxes in 2019, but that most families would come out ahead. Erb’s research also revealed that families claiming the standard deduction would get a larger refund. Lynn Ebel, a tax director at H&R Block warns that getting a bigger return may sound nice but as a consequence of this, families with extra costs, such as child care, probably weren’t able to use their money during the year.

Working mothers often bear the brunt of tax related anxiety because of the sheer amount of work they do inside the home. In order for working mothers to avoid becoming overwhelmed during tax season, they must check 2018 documents against 2017 tax returns and remember additional information such as child security numbers. A tax prep checklist could also help working mothers remember their important documents, so they are better prepared to file their tax returns and get the most out of their money for the year.

Read the rest of the article on Forbes.

Overwhelmed During Tax Season

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