When I see the first back to school ad on TV or on the internet, I sigh…. I’m well past my school years so why do I care? Because back to school is code for “It’s time to do the last 15% of America’s tax returns.”
Don’t get me wrong, that’s the business we are in and we love it!!! But for some of our clients it creates a great deal of stress as October 15 is the real deadline. On April 15, the IRS demands the tax dollars, but October is when the paperwork to prove it is due! People on extension often have complex situations, complex assets, or both. It is a really serious time thief for many. If they delay or procrastinate in September, they are then faced with the stark reality that although they can rush on October 5th, 6th, and 7th to “put it all together”, we are totally booked and cannot help them before the deadline. It also almost always means regret over deductions that were missed in the rush, a larger tax bill, and larger penalty or interest in most cases (unless they really did pay more than enough in April, which people seldom do).
Why are we communicating all of this to you? Because we are you champions, your biggest fans, your tax planning warriors! If we start your return before Labor Day, it’s likely to be less stressful for you, as you can find documents we need as we discover them with time to spare. We can have more careful, deeper questioning about items that might save you money, and if the tax bill is still larger than you had hoped, you have 8 weeks to fit the bill into your budget and arrange for the cash to be available.
It’s all just better if we start sooner, so please, even if you’re not 100% ready, call us or come in! Let us start your file and give you homework as needed. We will work towards a great outcome with grace!!
The post Back to School Really Means Finish Your Taxes! appeared first on Tax What If Doctor.
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