We know – the April 18th tax deadline has passed and right now you’re thinking, “Hallelujah! I can STOP thinking about taxes for a few months!!” 

But before you put this year’s tax season in the rearview mirror, let’s talk about it just one more time, while everything is still fresh in your mind.  (Trust us – it’ll only take an hour and it will make your tax season next year WAY easier!)

All you need is a Word document, or a pen and a piece of paper, to do this simple brain-dump exercise.  Ready?

 First, answer 4 questions this week about this tax season you just finished:

 (𝟭) What mistakes did you make in your taxes this year?  This could include:

  Forgetting to file and pay your quarterly taxes

Sent out your 1099 documents late

Forgot to track your business mileage

Couldn’t find receipts for all of your major expenses 

Don’t you want an easy tax season next year?  This is a great way to start!

The next question to ask is…

(𝟮) What made your taxes more stressful this year? This could include:

Did you DIY your taxes – and regret it?

Did you procrastinate on your financial paperwork until the very last minute?

Did you hire the cheapest bookkeeper you could find – and realized you got what you paid for?

Did you have to pay fees for late filing or interest penalties?

Jot down all the things you did right and all the things you did wrong to help ease the process next tax season.

Something else to ask yourself as you’re doing your brain dump is…

(𝟯) What documents did you need to obtain, or send out this year?  This could include:

1099 and/or W2 forms to your employees

Health insurance costs and paperwork

Business expense receipts

Financial reports, like a Profit + Loss Report

(𝘚𝘪𝘥𝘦 𝘯𝘰𝘵𝘦: 𝘪𝘧 𝘺𝘰𝘶 𝘥𝘰𝘯’𝘵 𝘩𝘢𝘷𝘦 𝘢 𝘤𝘦𝘯𝘵𝘳𝘢𝘭𝘪𝘻𝘦𝘥 𝘱𝘭𝘢𝘤𝘦 𝘵𝘰 𝘴𝘢𝘷𝘦 𝘢𝘭𝘭 𝘺𝘰𝘶𝘳 𝘵𝘢𝘹 𝘥𝘰𝘤𝘶𝘮𝘦𝘯𝘵𝘴 𝘦𝘷𝘦𝘳𝘺 𝘺𝘦𝘢𝘳, 𝘴𝘵𝘢𝘳𝘵 𝘰𝘯𝘦 𝘯𝘰𝘸!)

Do you want to be organized for tax season next year?  You’re taking the right steps to do so.

The final question to ask yourself when you brain dump your fresh thoughts is…

(𝟰) Are you expecting any significant changes next year?  This could include:

Buying a house

Getting married

Having a baby

Entering a new tax bracket

And that’s your brain dump! Now, take your answers, and organize it these 5 simple ways: