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This year, a lot of young adults reported needing a therapist to cope with the anxiety of filing their taxes. Let’s dive into why this happens and how to make next year a bit smoother.

p.s: one easy hack right off the bat? Upload your recent tax returns on decode.tax to get personalized strategies to lower your tax bill.

Why Is Tax Filing So Stressful for Gen Z?

Complex Tax Code: The U.S. tax code is complicated, and for many young adults, this might be their first time dealing with it alone. It's no wonder it feels overwhelming!

Lack of Financial Education: Schools don't always cover the nitty-gritty of taxes. Without this foundation, diving into tax forms can feel like learning a new language.

Economic Pressures: Student loans, rent, and job uncertainties add extra pressure. Worrying about making mistakes on tax returns doesn't help.

Tech Confusion: Tax software is supposed to help, but it can sometimes make things worse with its jargon and assumptions about what you already know.

More and more Gen Z are turning to therapy to deal with tax stress. Talking to a therapist can help manage anxiety, develop coping strategies, and build confidence in handling finances.

But therapists can get expensive. That's where we come in. Here are some tips to get ahead of next year —

6 Tips to Make Next Tax Season Easier

1) Start Learning Now: Check out free resources on tax basics. Websites like the IRS offer useful guides, and there are plenty of YouTube videos and online courses designed to break down complex topics into manageable lessons. Plus, we made some with simplification in mind: download this free guide on paying less in taxes.

2) Get Organized: Keep all your documents (W-2s, 1099s, receipts) in one place. This will save you time and headaches later. Consider using digital tools or apps to keep track of your financial documents throughout the year.

3) Use Friendly Software: Find tax software that’s easy to use and offers good support. Look for ones that provide step-by-step guidance and have customer service options available. Decode.tax is a great resource to help you stop overpaying on your taxes and give personalized recommendations to lower your tax bill.

4) Ask for Help: If things get too confusing, reach out to a tax professional. It’s okay to ask for help! Many accountants offer free consultations or affordable rates for young adults. Investing in professional help can save you money and stress in the long run. P.s: you can now add your accountant directly to your Carry account.

5) Take Care of Yourself: Don’t let tax season take over your life. Keep up with activities that relax you, like exercising, reading, or hanging out with friends. Taking breaks and practicing self-care can help you stay calm and focused.

6) Connect with Others: Talking to friends or family members who have experience with taxes can provide support and advice. Sometimes, just knowing you’re not alone can make a big difference.

Remember, you’re not alone in this. With a little preparation and the right support, you can tackle tax season without the stress. Here’s to a less stressful 2025!

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If you want more resources on building wealth as a solopreneur/entrepreneur, check these out:

• The Solo 401k handbook 

• The Roth IRA handbook 

• The Self-Directed IRA handbook 

• The Guide to Paying Less in Taxes

• What is a Solo 401k?

• How to Open a Solo 401k