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Christmas Season and Tax Season

Christmas Season and Tax Season have one thing in common. No matter the weather, no matter your financial state, no matter your mood, they arrive each and every year. They are unstoppable and they both have money as one of their central themes. How much do you have and how much do you need? Now some people are fortunate enough to have adequate funds to buy a multitude of gifts and to still deal with a balance due on their taxes not long afterwards and for those lucky people I say God Bless You. But other people spend hours of their time having to figure out how they can purchase a gift for each and every special person in their lives and deal with tax season in January and a possible balance due, without it being a nightmare of major proportion.

This year perhaps more than any other even if you are expecting a tax refund it may be delayed because of a dilemma related to the Alternative Minimum Tax resulting in a possible delay to the actual date that tax returns will be able to begin to be filed. If the actual start date for filing returns is delayed, tax refunds will also be delayed. So if you are planning on a January refund to pay for your December purchases please plan carefully as your refund may be delayed.

Perhaps the most difficult thing about Christmas having tax season as a tag along is that while we should have visions of sugarplums dancing in our heads there are invading thoughts of tax software and tax forms and new tax laws to contend with as well. So perhaps as you pass signs for tax and accounting software while Christmas shopping, the music that is playing in your head is sometimes a medley of Iím the Taxman and Jingle Bells. Maybe the way to lay that to rest is to pick up an organizational tool of choice such as a binder and binder pocket inserts or even just a pack of folders while you carryon with your shopping. Then when Christmas has come and gone you can face Tax Season head on already in organizational mode. Put your documentation for your holiday charitable contributions in a folder or a pocket so you have it when you need it; and put your receipts for business related holiday gifts in another folder or pocket, etc., etc.

If you would rather just deal with the taxing subject of taxes and tax season after the Holidays are over at least be sure to keep all your tax related documents in one place so they donít end up lost, even a large envelope will do the trick. That said, allow me to offer you a holiday greeting.

Christmas comes but once a year,
Meet it and greet it with common sense, faith, love and cheer.
I wish you good fortune, good health, and prosperity,
And all the good things that you wish and hope for,
And all the good things that you dream of,

Merry Christmas, Happy Holidays, and Peace to you and yours!

Kate Woods

I hope you're enjoying Tax Facts on the Taxing Subject of Taxes!

Any U.S. tax advice contained in this electronic communication was not intended or written to be used, nor can be used, by any recipient of this communication for the purpose of avoiding penalties that might be imposed pursuant to the Internal Revenue Code or U.S. Treasury Regulations, or any other state or local law or regulation.

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