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.