Make an appointment with yourself to do your taxes... soon!
Yes, I confess, I too have been in that long line of cars idling by the main post office near midnight on April 15, the dreaded date when tempers are short and taxes are due. And whenever that happens, we ask ourselves, "Why do I put myself through this every year?"
There are a few required chores that seem to bring out the procrastinator in all of us. One is cleaning our closets of the stuff we should throw away. Another is filing away the stuff we need to keep. Going on a diet is also near the top, but perhaps top on the procrastinator's list is getting our yearly tax stuff together.
It isn't too bad if you make a straight salary and have few deductions. Your employer has withdrawn your taxes and social security fees along the way. But once you start dealing with interest on your mortgage, childcare deductions, sales of stocks, rental property, and so on, it is more of a chore to pull it all together and get the job done. And if you are self-employed, as I am, you need to keep track of supplies, business lunches, equipment, parking receipts ... every legitimate business deduction you can to reduce the taxes you owe.
But -and here's the catch-you have to be organized to do it.
So, make this the year you get it done early. Set up some files and put everything in it you will need to either do your taxes yourself or deliver to your accountant. And if you have an accountant do it, the more organized you are, the less he or she will charge you for time spent preparing your return. And waiting until the last minute is even worse. If you think you're stressed out as April 15th approaches, you can imagine how a tax preparer feels when dozens of his clients show up a few days before the due date with all their receipts and documents thrown in a shoe box.
So, make an unbreakable appointment with yourself to do your income taxes soon. You may not be able to reduce your taxes, but you can reduce your stress by starting early. Gather your W-2s. If you haven't received them, get on the phone to your employer(s). By now all financial institutions-including U.S. Bank, of course-will have sent their year-end interest statements out to you. Chase everything down before you start either preparing your own returns or going to a pro. It will go faster and be accurate the first time.
Need tax forms? Check out your local library or go on-line. In fact, if you are computer savvy, you can complete - and file - your taxes electronically. You can even receive a discount on TurboTax software through U.S. Bank. Since I am technically challenged, I leave all that to my tax preparer.
Then, on April 15th, when other people are playing the stop-and-creep game at the central post office at midnight, you will be cozy in your bed, or toasting yourself with the champagne you bought with your refund!