The,Tax,Return,Trap,Today,team finance, share, loan The Tax Return Trap
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Today my team and I are wrapping up the month of October with our annual Halloween office party. It's a nice way to end the month, which is always one of the busiest months at the ProVision office. One of the reasons October is always a busy month is because of the October 15th tax deadline. It's one of the biggest deadlines because for many, it is the absolute last date to timely file many types of returns.It is always in October that I see people stuck in The Tax Return Trap!What Is The Tax Return Trap?Here's how I typically see the tax return trap play out.Pierre, a new client, comes in to meet with me in September. Pierre is very anxious to reduce his taxes, but also needs to get his tax returns filed by the October 15th deadline. So, the immediate focus is getting the tax returns done.I discuss with Pierre the information needed for his tax return and he leaves the office that day knowing the top priority is getting that information. Before leaving, I schedule a few follow up meetings with Pierre after October 15th so we can really focus on his tax strategy.A few weeks go by and Pierre's information starts trickling in. Then, a few days before the deadline, his tax returns are completed. From Pierre's standpoint, he is thrilled to have his returns filed a few days before the deadline!Then, I get a message from Pierre and he is going to be traveling when our first strategy meeting is scheduled, so the meeting gets re-scheduled. Then, on the day of our re-scheduled meeting, Pierre needs to deal with an issue at the office so the meeting is rescheduled again.At this point, it's late November, and when we do meet, it's now time to focus on year-end planning, which should have been started a month ago.Then it's spring and time to focus on getting information together to file extensions for another year of tax returns.Then a few more months go by and, what do you know, it's September again and the rush is on once again to get tax returns filed by the October 15th deadline.Do You Know Someone Who Is Stuck In The Tax Return Trap?The tax return trap is focusing only on tax returns. It usually includes a vicious cycle of running from deadline to deadline.In Pierre's case, Pierre is thrilled to get the returns done just a few days before the extended deadline. And each year, Pierre promises it will never happen again. But the likelihood is, it will happen again....and again and again and again!After a few years, Pierre wonders, what is so bad about his "system" for filing his tax returns. After all, he does get them filed every year.But the issue is with what is not happening. Pierre's system doesn't include a tax strategy. Tax returns are important, but the overall tax strategy is so much more important because that will put cash in his pocket by legally reducing his taxes.How Do You Know if You Are In The Tax Return Trap?It is easy to be tricked into thinking that you are not in the tax return trap. Sometimes I see people in the tax return trap who file their returns before the original deadline. But they are still in the tax return trap because their only focus is the tax return.Fortunately, I have a one question test that is a clear indicator about whether someone is in the tax return trap. Here it is:Do you use your CPA just to prepare your tax return?If you answered yes, then you may be stuck in the tax return trap.Your CPA is not just for tax returns! Your CPA is an incredible resource - for contacts, for referrals, for information and to help you legally reduce your taxes every day of the year. It's time to ask what else your CPA can do! Article Tags: Return Trap, October 15th, Returns Filed, Days Before
The,Tax,Return,Trap,Today,team