Virtue in Planning Ahead

November brings beautiful fall colors, Thanksgiving, the beginning of ski season throughout my beautiful Rocky Mountains of Colorado. Thanksgiving symbolizes a season of gratitude for all of our many blessings. We all have something for which to be thankful. November also signals the approaching Christmas season. Christmas represents not only a season of joy, blessing, appreciation, religious celebration and holiday festivities but also an extreme hustle bustle of schedule conflicts.

Planning ahead proves to be the solution. Of course you can not solve all of the schedule conflicts in advance; however, there are a significant number of them which can be accomplished in advance. Gifts and holiday cards can be prepared far in advance of the hectic seasonal flurry of events. When I taught high school, I prepared all of my holiday cards over the Thanksgiving break. Most of my holiday gift purchases were completed in early November before the crowds descended on the stores. Any time I chose to enjoy the holiday festivities and holiday music in the stores, that option was absolutely open to me. Amazing how much more fun it was to enjoy those experiences when it was a choice rather than a time crunch necessity,

Another significant pre-planning activity in the United States revolves around taxes. Americans know the tax year for individuals and also for most companies follows the calendar year. Why wait until December 31 or even worse April 14, before organizing your records and documenting your expenses with the appropriate receipts. Scurrying around at the last minute to compile the accounting frequently results in oversights and outright errors.

If you have used your vehicle for business purposes, how current is your mileage log and vehicle receipts? What documents do you have to verify medical expenses or interest expense? Keeping accurate records month by month removes so much mental and emotional stress at tax time.

There was a sign in my CPA’s office in Plymouth, Michigan which read “Poor planning on your part does not constitute an emergency of my part.” To the efficient and organized, this makes perfect sense.

When I worked for a CPA in Norfolk, Nebraska, I remember one client who brought his entire year’s receipts all loosely tossed in grocery bags. My first reaction was “You must be kidding.” He was proud of himself for having the receipts; organization had not even been a consideration.

Perhaps you will relate to the call I received from a close female friend. She asked if I would help her balance her bank statement. When I asked how long it had been since she balanced it, the reply shocked me. “Oh I opened the account three years ago and I have never balanced it.” After gasping in dismay, I suggested she put on a pot of coffee and prepare for a long session.

There are many levels of organization or disorganization. Backing yourself into a time crunch corner certainly can be avoided.

At this point in early November, I suggest you seriously consider organizing all of your tax information now. Also start planning your holiday “get it done” list and checking off as many items as possible in advance. Pre-planning also spreads the financial obligation over several weeks rather than overloading the already stressed credit card limit at the end of December.

Remember the CPA’s statement. Poor planning on your part does not create an emergency on their schedule.

Another advantage of planning ahead is the ability to make a few strategic tax moves prior to the end of the year. As any lady will testify, having a few less grey hairs is always welcome. Stress ages all of us. Why add to the stress un-necessarily, especially when it can be so easily avoided by planning ahead.

For more success tips to de-stress your life and make your business more profitable, contact Elaine Love at Elaine4Success.com. Record your contact information. Together we will make your life less stressful and more profitable.