Happy Tax Day! We can all breathe a sigh of relief that taxes are done and over with this year. But what if you filed an extension? You may feel that if you filed a tax extension that you do not need to think about your taxes for some time. But really that is not the case. Have you ever noticed that it is so easy to procrastinate the tasks that we don’t want to do? Now is the time to think about what went well this year regarding filing your taxes and what didn’t go so well. Take today off from taxes but start tomorrow to create an action plan for your current year’s taxes, while it is all fresh in your mind.
Think about what you did right. Did you file your taxes by the deadline? If so, great job! Did you save for your taxes this year? If so, you can feel good about that! And think about what you weren’t happy with this year too? Were you scrambling to file your taxes on time? Note that so that this year’s taxes can go more smoothly. Were you stressed about paying your tax bill? We recommend to our clients to create a separate savings account for their taxes and to fund that account on a regular basis throughout the year.
It’s also a good time to think about your accounting systems. Are you happy with your accounting solution? Are you happy with your bookkeeper? Have you had reports available all year long to help you see what’s going on with your business? What kind of information could you benefit from having throughout the year? What would you like to go smoother next year?
We love to celebrate tax day here at BBB! But we also think it’s the perfect time to strategize for the current year taxes too. We wish you a Happy Tax Day!