How To Avoid Tax Prep Overwhelm

How To Avoid Tax Prep Overwhelm

by | Mar 9, 2017 | ADD - ADHD, Office Organization, Productivity

The deadline for filing taxes is fast approaching. Many people have difficulty getting their financial records in order (if they can even find them!).  This can be especially painful for those with ADHD or executive function challenges.

Be realistic.  What is the likelihood that you will have your personal taxes ready to post or postmark by April 15th? (April 17th in 2017.) If it is slim, or predicated on wishful thinking, file for an extension now, to avoid penalties for late filing (you’ll still have to pay taxes and interest, so the sooner you file, the better).

Avoid avoidance.  It is possible to overcome major avoidance, which is what keeps many people from getting their taxes done on time. For some of us, just the idea of finding and gathering all of the information feels overwhelming. And when something is overwhelming, we’ll do anything to avoid dealing with it (including putting it off despite the financial consequences). So accept that tax prep is a necessary evil, and make it easier by treating it as a PROJECT – not a task. A project consists of many tasks, and you can only do one at a time!

Begin by breaking down this project into various steps (the individual tasks). Some of these are itemized below. The idea is to focus on a single task at a time, so you aren’t overloaded by everything that needs doing.

Don’t say ‘YES’ unless you can say ‘WHEN.’  After you’ve decided what tasks you’ll need to do in order to finish your Tax Prep Project, decide when you’ll do them. Enter each task on your calendar, as a Task-Appointment, which is an appointment with yourself to do a specific thing at a specific time. This dramatically increases the likelihood that you’ll actually work on the task. It is easier to wrap your head and energy around beginning a specific task (activate!) then it is to think about accomplishing the entire project.

And if a task looks like it will take too long to complete in one appointment (given your attention span and other obligations), just work on it for a set amount of time. If you do that, you’ll have met your goal (even if the task itself isn’t finished). By doing what you planned, you’ll feel successful, and so more likely continue with other Task-Appointments and complete the project. Success breeds success.

The following steps will apply to most people:

  • Task #1  Gather Papers. Begin by gathering the many financial papers you probably have in several different places, and put them in one location, even if you use the proverbial shoebox to hold everything! Don’t review them; don’t think about them. Just collect.
  • Task #2  Sort into Categories. Sort the various papers you’ve gathered into categories (receipts, statements, tax reporting forms). Put them in separate folders (paper or poly project files) or just stack the papers, writing the category name on a blank paper kept on top of the pile. If you do your banking/investing/accounting by computer, set up a folder for the tax year, and include all relevant downloads.
  • Task #3  Group your Deductions. If you itemize, group your family’s deductible receipts (medical, charitable contributions, childcare, education, business expenses, etc.).  Note: You can request an annual statement from your local or mail order pharmacy that itemizes all medication expenses, so you don’t need to worry about keeping each receipt during the year. Obtaining this statement can be a separate Task (visit the pharmacy… make the call… or download the pharmacy record).
  • Task #4  Review Banking Documents. Go through your checkbooks, bank and credit card statements for possible deductible expenses. Note: If you are reimbursed for a medical expense, it is not a deduction.
  • Task #5  Determine if Anything is Missing. Are any reporting forms missing?  (W2 or 1099’s, property or school taxes, mortgage interest, bank interest, investment records, stock dividends, etc.) You should have a list of what to look for from your accountant or tax preparer (many will send you a tax preparation document that you can just fill in with your information). If not, several are available online or through the IRS or free (legitimate) tax prep websites. If any critical reporting forms are missing, set a Task to contact the originator for a copy. Do this early enough to get the information before the filing deadline! Note: Accountants may have different requirements as to what documentation they need to do your taxes, so check in advance.
  • Task #6  Tally the Results. Go through each category, list the details (whether using paper or computer) and add up the totals.
  • Task #7  Make your IRA Contributions before April 15th, if you intend to deduct them for the prior year.
  • Task #8  Complete the actual Tax Return Forms. Having everything organized isn’t enough – now it’s time to complete the actual tax returns, and submit them before the tax deadline. You can complete the forms yourself, use legitimate online tax software, or give your prep work to your accountant or tax preparer.

Take your Tax Prep Project a baby step, or task, at a time, and it will be easier to complete it without getting into a state of overwhelm or frustration. Hopefully you can do this in time to file by the due date, but if not, by or before the extension deadline.

Don’t ignore them – taxes DON’T just go away! Worse, the amount you’ll owe will increase if you don’t file on time. As a coach and organizer who mostly works with clients who have ADHD or executive function challenges, I’ve seen SO many who didn’t file taxes, even though they had the money to pay them or didn’t even owe money. Some were in dire trouble with the IRS. All because of overwhelm and avoidance!

Prepare now for a stress free next year. If you want next year to be less stressful, set up a system now, instead of scrambling next March. Use the category folders (Task #2) to file the appropriate papers as you receive them, so you’ll only have one place to look when it’s tax prep time. Consider keeping everything in a convenient magazine holder or file tray on or near your desk (the less effort you have to put into filing, the more likely you’ll be to do it). Some people prefer to scan each paper as it comes it in, so they don’t have to worry about storing/sorting papers.

If organizing for tax preparation is a challenge, work with someone to set up a simple system for managing your financial papers. It is worth the investment to hire a professional, given the possible penalties and interest due to late filings, the potential savings from having a clear record of all deductible items and from spending less time (and money) with your accountant and, perhaps most important, the reduced stress and improved comfort level you’ll experience. Find a local organizer who specializes in these systems at the National Association of Professional Organizers, www.napo.net or the American Association of Daily Money Managers, http://www.aadmm.com/findDMM.php.

The Amazing Power of Perspective

The Amazing Power of Perspective

by | Jan 26, 2017 | ADD - ADHD, Attitude, Perspective

Change the internal filter you use to view a situation and the results can be staggering!

Words are powerful – whether you say them out loud or just think them. They reflect how we perceive a situation, a person or ourselves. They can reinforce the positive, but all too often they give power to the negative. When we change our perception – what we think we see – our dialog changes. These new thoughts, and the accompanying words, can move us forward, instead of keeping us trapped.

When my son was about 9, he was in a crowded restaurant, sitting at a table with several adults. Running about the restaurant and disturbing the patrons was a very young girl. One of the adults described her as hyperactive, and the others agreed. But not my son, who said, She’s not hyperactive, she’s just actively exploring the world. Whoa…

Here’s a little girl who could grow up thinking of herself as having a problem, as being different in a negative way. Or she could grow up believing herself to be a curious explorer, destined to discover new things and truly observe the world around her. Think of her parents, who could either see her as a challenge or see her potential and help her to positively channel her energy.

In coaching we call this process of looking at things from a different perspective ‘reframing’. When you change the frame, the picture looks different.

Take the trait of impulsivity, which is often considered negative (and can sometimes lead to dire situations). However, without it there would be little creativity, which is often the flip side of spontaneity. Impulsivity can be a strength, leading to new ideas, and to taking risks on new businesses and new experiences. How dull life would be without it! Instead of perceiving impulsivity as negative, try looking at it from its potential, and help to positively channel that creativity and willingness to take risks.

When Thomas A Edison was young, he was sent home from school with a note. His mother told him it said, “Your son is a genius.” This school is too small for him and doesn’t have teachers who are good enough to train him. Please teach him yourself. Many years later he found the actual note, which said, “Your son is mentally deficient. We cannot let him attend our school anymore. He is expelled.” He wrote in his diary, “Thomas A Edison was a mentally deficient child whose mother turned him into the genius of the century.”

I don’t know whether that story is true, although I do know he was expelled from school (and that he also blew up part of his home doing experiments, and most likely had ADHD). His mother chose to interpret the school note from a different perspective, and look at the difference that made! She chose words that changed her son’s self-perception. What would his future have been if he thought his teachers considered him ‘deficient’?

So the next time you are tempted to criticize someone – OR YOURSELF! – try to reframe what you are thinking from a positive, supportive perspective. Words can change the future! 🙂

I would love to hear your thoughts on this! – Share your ideas blow.

Looking for help to reframe your perspective? Contact me to discuss coaching by scheduling a no-cost or obligation phone consult  or check out my online group at OvercomeOverwhelm.com.

Please feel free to share this article, with the following attribution: Written by Susan Lasky, Productivity, ADD/ADHD, Career & Organization Coach. Susan Lasky Productivity Solutions, www.SusanLasky.com.  Used with permission.

Following your Passion – In Life, Work, Love

Following your Passion – In Life, Work, Love

by | Apr 23, 2011 | Attitude

I’ve always believed in the concept of following your passion – in life, in work, in love…

Easier said than done.  It helps to know what you feel passionate about, and I find that, although I enjoy and appreciate so many things, I am not always totally clear about what really ‘turns me on.’  Sometimes passion exists only in a brief moment, or it takes a hiatus, or slips into the back seat while economic necessity or logistics drive my life.

(I am aware of those who believe you can always live from passion, and also those who believe you can do anything with passion and commitment, but while both views have merit, they are, for me, sometimes philosophical exercises, instead of my daily reality.)

When I am living my passion there is a sense of aliveness, of deeper purpose at a higher, more meaningful level.  I may not even realize I’ve been ‘out‘ of passion until some experience reminds me what it feels like to be ‘in’ it.

The feeling is incredible.  I see the difference in my work.  Sometimes I’ll be helping a client, and I know I’m doing what needs to be done, but I don’t feel that sense of communion with my higher purpose.  It is just a job.

Then there are times when there is magic in a session. My words flow effortlessly and communicate the right information at the right time, in a way that the client is able to really ‘get’ what we discuss. We both feel energized, and I know I have truly touched their life, helping them to see things from a different perspective; opening up the realm of possibility – for both of us.

I ask myself why I don’t always have that sense of fulfillment, and part of the answer is that I am not always doing the type of work that is my passion. So I must do what I coach clients to do – discover what they (I) really want, by creating awareness as to what it is that generates those feelings of excitement, aliveness, meaning and purpose. Once identified, the next step is to create an action plan that will maximize the opportunities for passion in their (my) life.

The goal is to look at what is working for you, and what isn’t, then to decide what you can do to open your life to the magic that happens when living with passion.  (Note:  Passion doesn’t have to be exhausting, it can be the quiet passion of spending time doing what you value; what brings you joy.)

I’ve done this exercise many times (although not always with awareness and intent), and I will repeat it throughout my life.  Kind of a reality check as to where I am on the path of self-fulfillment.  Sometimes the action plan is huge – change a job, get married, raise a child, divorce, move, go back to school. Sometimes it is simpler – set aside time each week for doing something you love or take a dream destination vacation.

I want to live my life with passion and joy, and I choose to do whatever I can to make that happen.