Don’t Procrastinate During Tax Time Lake Point Advisory Group

Tax Day is April 18th, not the 15th, due to Washington D.C.’s Emancipation Day holiday, so you have a few more days to file your taxes or file for an extension this year than you might have expected. But the 18th will be here before you know it, so don’t procrastinate during tax time this year!

Get Organized

First, get organized and gather your important documents. These could include W-2 and 1099 forms, medical bills, property tax and mortgage interest documents, and receipts for charitable donations. If you file your taxes electronically, it could mean getting a refund sooner – electronic refunds usually come a week before ones for paper returns. Plus, fewer mistakes happen when returns are filed electronically. Also, be aware that it can be hard to get someone to answer your questions on the phone – the National Taxpayer Advocate watchdog group said that in 2021, just 3% of calls were answered by the IRS’ 1040 support line.[1]

Divide time into 15-minute blocks

There are endless distractions, and it’s easy not to realize how much time we spend on them. You sit down to watch one episode of your new favorite series, and suddenly you’re on the third. One way to beat procrastination is to divide time into 15-minute blocks. By setting aside blocks for specific tasks or leisure activities, you can more easily track how much time you spend on each thing and limit time-wasting activities.

Reward Yourself

When you do complete your task, reward yourself! This will increase your motivation when doing the next thing, plus give you a break. It can be a good idea to plan something fun after Tax Day or after other big projects, so you have something to look forward to.

One task you can add to your to-do list is to create a retirement plan. This upcoming 30+ year period of your life requires preparation. You’ve worked hard during your career, and you should be able to retire without worrying about generating retirement income, paying for healthcare costs later in life, or minimizing your tax burden in retirement. At LakePoint Advisory Group, we can help you accomplish this task, and the first step is to Click HERE to sign up for a complimentary review with us.

Lake Point Advisory Group is a tradename. All services provided by Lake Point Advisory Group investment professionals are provided in their individual capacities as investment adviser representatives of Mercer Global Advisors Inc. (“Mercer Advisors”), an SEC-registered investment adviser principally located in Denver, Colorado, with various branch offices throughout the United States doing business under different tradenames ,including Lake Point Advisory Group.

This material is provided for informational purposes and is not an offer to sell or a solicitation of an offer to buy an interest in any security or to engage in any investment strategy. Such an offer may only be made at the time a qualified offeree receives a confidential private offering memorandum or other appropriate disclosure. This report is intended as a summary; it does not purport to be complete. Information contained herein is believed to be accurate and/or derived from sources which we believe to be reliable; however we do not warrant the completeness or accuracy of such information. Opinions expressed herein do not necessarily reflect those of Lake Point or Mercer Advisors. You should not construe this presentation or any other communication received in connection with Lake Point as legal, accounting, tax, investment, or other advice. You should consult with your own counsel and advisors regarding such matters. Past performance is not necessarily indicative of future results. No representation is made that any investment will or is likely to achieve the same or similar results in the future. Investments cannot be made in an index. Alternative investments are subject to greater risks than those associated with traditional investments and are not suitable for all investors.

2022-03-18T17:00:22+00:00March 18th, 2022|Taxes|