subject: 3 Quick Tips To Make Sure You Are Ready For The April 15th Deadline [print this page] April 15th is right around the cornerApril 15th is right around the corner. Are you ready?
Here are 3 quick tips to make sure you are ready for the deadline.
Quick Tip #1:
Now is the Time to File an Extension
If your tax return is not completed yet, it is time to file an extension!
Extensions are a great tool in a tax strategy. Tax returns that are prepared in a hurry are more likely to have mistakes. While it may be tempting to just get it done, you definitely want to make sure you give your CPA time to analyze your tax return.
My team and I are often able to find tax savings opportunities during the tax return preparation process, but you don't give your CPA an opportunity to do this when you file at the last minute.
Quick Tip #2:
Pay Your Taxes by the Deadline
Do you owe tax or are you receiving a refund? If you don't already know where you stand, it's time to find out!
If you owe, then now is the time to make sure you have the funds ready. Even though you can file an extension, the extension only extends the time to file your return. It does not extend the time to pay your taxes.
Put your focus on determining how much you should pay with your extension. Getting this number right will reduce any penalties and interest that could be assessed
Quick Tip #3:
Send in Your Return
If your tax return has already been prepared, be sure to send it in timely. If you are e-filing, then be sure to send your tax preparer the required paperwork to do the e-filing for you.
This may seem obvious but I've seen people miss the deadline because they were waiting to send in their return and completely missed the deadline!
Many individuals and businesses have estimated tax payments due April 15th, so even if you have filed your tax return, make sure you have also taken care of your estimated tax payment.
Do You Have the Right Tax Preparer on Your Wealth Team?
Having the right members on your wealth team makes all the difference in your tax and wealth strategy. This time of year, it's common to focus on who fills the tax preparer role, but a tax preparer is just one member of a wealth team
How To Select the Members of Your Wealth Team
One of the most common questions I am asked is how to find the various advisors, coaches and other members for a wealth team. I always recommend getting a referral. I encourage my clients to ask me for referrals to create their wealth team. Referrals are a great use of leverage - you are leveraging your contacts!
The follow up question I always get is, once you have been referred to a potential team member, what questions do you ask to be sure they know what they are talking about?
The answer to this is pretty simple but often overlooked. You want people on your team who have your interests at heart. How can you tell if they have your interests at heart? They ask you the right questions. The right questions reveal what you really want and the questions are searching for how the advisor can best help you.
So, when you are interviewing advisors and other members for your wealth team, listen closely to the questions they ask. How deep do they probe to uncover your wants? How much time do they spend talking about your wants before they start telling you about themselves?
Only when we have team members truly interested in us will we be most successful in our wealth building. When we have team members like this, we can be confident that they will be thinking of our wants when they perform tasks on our behalf. We can be sure they are most interested in our success because they understand what success means to us (they asked the questions).
