I truly believe we can learn from every experience, if we’re paying attention. Every day, every moment, every experience.
Along that line of thinking, I just wrapped up a call with a good friend / network partner, and the last thing we did was Review and Recap what we had discussed and what our next steps were.
So, let’s Review and Recap what we have learned from this most recent tax season, just ended, and what we can do to make next season more organized and less stressful!
- “I could have started preparing a lot earlier. “ Start early. There is really no reason not to.
ACTION STEP: Take a few simple steps now to make next April go much smoother!
- “I keep too much paper!” Everyone does, it’s true. Consider all the documents and information that you needed for filing your taxes. Obviously, we need to keep those documents! But the receipt for a trip to the grocery last February? Or our paid Com Ed bill from last June (which we have recorded in our banking statements)? Not so much! And ESPECIALLY not those old receipts or paid bills from many years gone by!
ACTION STEP: Call me! Or, read my other blogs on paper management and change the way you save paper.
- “This process would go a lot smoother if I made a file folder at the beginning of the year called ‘Tax Documents: Current Year’, and added to it through the year as pertinent documents came in.
ACTION STEP: Make the folder, title it “Tax Documents: Current Year”, and USE it!
- “I should adjust my withholding, then I wouldn’t owe so much next April.” And if you’re self-employed, like me, perhaps you said (as I did), “Perhaps it’s time to start sending in quarterly tax payments, instead of one lump sum.” Yes, you should.
ACTION POINT: Talk to your HR department, or if you are self-employed or own your business, discuss your options with your CPA. April 14th of next year is too late to make positive changes for this year.
- “Wow, A lot of people must procrastinate about their taxes. My usual accountant barely had time to speak to me last week and those other places were a zoo. I could do my taxes myself, but not if I wait until the last minute.” Yes, all true. Lots of people procrastinate. Don’t be most people. Refer to the other learning points above, and …
ACTION POINT: Book your appointment for next February NOW!
So, take a few actions this week to make this year more organized, and your tax season next year go more smoothly!