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Gaining weight? Having trouble sleeping? Losing friends? Blame higher taxes!

May 1, 2013

When things aren't going well, most of us have plenty of ways to explain what's going wrong.


Grumpy Cat hates taxes via MemeGenerator dot NetNow we can add another excuse reason for some of our problems. Taxes.

A Harris Interactive poll conducted for the American Institute of CPAs found that stress, brought on by less money due to higher taxes, is taking a toll on our waistlines,
friendships and sleep.

"Mounting money pressures are making Americans cranky, tired and
unhealthy," said Ernie Almonte, chair of the AICPA's National
CPA Financial Literacy Commission. "This can lead to a double whammy, with ensuing physical and emotional stress potentially
leading to higher long-term costs."

Tallying up total tax costs: The 1,011 people reach by telephone in mid-March told pollsters of the ways that financial stress is making their lives miserable. 

How miserable?

Around half, 47 percent, of those polled and who considered their financial stress "very" or
"somewhat high" said they are sleeping less.

Almost as many, 43 percent, said they have less patience with friends or are seeing them
less often.

Nearly a third, 31 percent, reported eating more junk food or gaining weight.

A fifth of those surveyed, 21 percent, said they are arguing more with a spouse or significant
other.

And one in six, or 17 percent, report getting sick more often.

End of payroll tax holiday hurts: Part of the increase in financial worries is because of the return in January of the full 6.2 percent employee portion of the payroll tax. In 2011 and 2012 that tax was 4.2 percent.

When they had to start paying two more percentage points of their take-home pay in taxes, Harris pollsters found that folks cut elsewhere.

Sixty-eight percent reduced spending, savings or made
other sacrifices.

Money worry remains on the horizon: In fact, according to the survey, 44 percent of U.S. adults currently register a
high level of financial stress.

Women are almost twice as likely as
men to say their money concern level is "very high."

And the future doesn't look much brighter.

Only 28 percent of adults see a reduction
in financial stress over the next six months.

Are you feeling pressure because of the payroll or other taxes? How are you coping?

OK, it's time for my ice cream break.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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