Tax Day Minus One and More
Women are used to multi-tasking, thinking about and dealing with many issues at the same time. Still, your head may be spinning today with the complex activities going on - Emancipation Day, the celebration of President Lincoln’s freeing of slaves in the District of Columbia 150 years ago, Patriot's Day with the 116th running of the Boston Marathon and Tax Day tomorrow when 144 million income tax returns are due to be filed.
Women and taxes are in the news again as the debate continues between moms who work in and outside the home – begun by Hilary Rosen’s comment about Ann Romney - while the Senate discusses the so-called Buffet Rule. Is our society ready to redefine caregiving as productive labor, with support and tax credits? Wherever you stand on these issues, you know that for women it’s a struggle to balance the logistical, emotional and financial demands of work and family. When you’re also caring for an aging parent, you may begin to feel overwhelmed by all of your responsibilities.
If you're a Sandwiched Boomer supporting both your growing children and aging parents, you may have already consulted with a tax advisor about claiming both sets as dependents. After all, you want to conserve as much of your nest egg as you can. With your reduced funds being stretched ever thinner in this economy by the generations surrounding you, Tax Day thrusts your finances front and center.
What about also considering the non-monetary contributions you make to your family in flux? The time, energy, thoughts and emotions you devote to your children and elderly parents can exhaust your core just as your expenses deplete your cash reserves. Are you beginning to feel like a woman on the verge? Instead, use your Tax Day perspective to try out these tips to improve your health and wellbeing:
Maintain balance as you invest your energies in family, career and yourself. You may not be able to attain the perfect level of achievement in any of these, but you can enjoy a sense of accomplishment in your growing strength. To avoid burnout as you shift between caring for your kids and your parents, set aside time for yourself.
Take better care of yourself. When you cope with stress before it becomes chronic, you're better able to take care of your loved ones as well as yourself. As you strive to limit your responsibilities to others, you'll find you have more time for fun and fulfillment in your own life. Go for it – you know you deserve it.
Check back with us again on Wednesday for more tips to help you through tax time. And for some suggestions about coping with stress due to economic troubles you may be facing, consider our ebook, Taking Control of Stress in a Financial Storm: Practical Strategies and Resources for Success.