We will soon be publishing a book that focuses on helping the small business owner achieve financial success. In this book, we discuss the importance of devoting the necessary time to address the business’s marketing and tax needs. Whether you are a business owner paying taxes or an individual taxpayer, it is very common to put off until tomorrow what you should be doing today. During the 1040 season, each year we see the same taxpayers who wait until the 11th hour to prepare their taxes. Waiting until the last minute could easily result in you overlooking a valuable tax deduction and paying more than legally required.
Ian Brodie, a United Kingdom consultant, says “Why don’t we do what we know we should be doing?” Ian has observed that the reason many of us aren’t achieving what we want in our lives usually isn’t because we don’t know what to do. It’s because we know, but we find it difficult. He admits that in his business “there are a bunch of activities I find easy. Responding to emails. Reading articles or books. Investigating new online tools. And there are a bunch of activities I find rather more difficult. Writing. Planning. Thinking. If I have 30 minutes free, chances are I’m going to do one of the easier things. Or I might start a difficult task but as soon as I get a bit stuck instead of persevering I switch to responding to emails or reading blog posts. The easy tasks are important too. But it becomes dangerous if I do them to the exclusion of the difficult ones.” Lets’ be honest. We all work on those tasks that bring us the greatest satisfaction or are easy to do. But what about tackling those more challenging tasks, such as your tax returns?
How does Ian address the more difficult tasks he must perform? He says that he creates the right environment for his challenging tasks. He finds that by changing his environment, it can be a big help to changing his behavior.
So the next time you’re thinking of your individual taxes and deciding to work on them now or later, think about changing your environment. This may be as simple as turning off your cell phone, ignoring arriving e-mails, waiting until the children have gone to bed, or going to a different room in your home to work on your taxes. You know that you will eventually need to work on your taxes. Rather than waiting until the last minute, change your environment and behavior and work on them now.
To learn more about your personal income tax situation, we invite you to call 610-594-2601 today to make an appointment at our Exton PA CPA office to discuss your situation with an experienced tax professional. You can also schedule a consultation at Click Here.