TAX DEADLINES – DON’T LET THEM STRESS YOU OUT!

With tax season in full swing, it’s easy to get stressed out by the never-ending stream of deadlines. Implement a system to organize your filing deadlines. This will allow you to focus instead of stress out.

Just because there’s a deadline doesn’t mean you have to wait until a few days prior to start the filing process. Wouldn’t it be nice to get done early, leaving the few days prior to the due date for emergency projects?  Here is a simple system that you can start using today.

1. Today – two weeks or more before the deadline.  Make a list of all the returns that are due. How many of those returns are simple and can be completed in a day? They go in one stack. The rest will be extended by default. For the ones that need to be extended, you probably need information from client.  Spend a few hours emailing or phoning your clients and asking for the information you need. Email is better as it acts as an easily printed record for the file. Once all the clients are contacted, those returns go in a stack. Put a reminder on your calendar to revisit the stack in a week.
2. Day two – get started on the returns that can be completed by the due date. You will still need to contact the client, but the requested information should be fairly easy to obtain. Spend today on those returns only. Set aside break times to answer email and return calls. Information should start to come in on the emails and phone calls you did yesterday.
3. Day three through five – continue on with the simple preparation returns they should be almost done.
4. Week two – one week prior to due date. For clients who haven’t contacted you yet, contact them again, maybe this time with a phone call, if prior contact was email. For those that have responded, get started on the extensions.  As you complete them, email or call client and advise of tax due, if any. Finalize the simple returns you started in step three and deliver to your clients.
5. Mid-week two – do final follow-up for clients who haven’t contacted you. By this point most everything should be done.
6. End of week two – for all clients who still haven’t gotten you anything, one more attempt. No response at this point shows lack of respect. You may want to reconsider keeping these clients, they don’t sound ideal.

It’s now a few days before the due date and everything is done. You have time to clean up the loose ends.

Keep a written schedule and calendar reminders to tell you exactly what you need to do every day.  The reminders can start a month or more prior to the due date.  Focus, schedule, and follow through – the keys to de-stressing your tax season.