Hasta La Ideas

If you’re good at procrastinating and do it often, putting off doing your 2011 tax returns would be a very simple thing to do. I know it’s even easier to procrastinate doing them when you suspect you owe the government money.

There’s no need to let stress about completing your taxes take its toll on you, though. Getting started with just a few easy tasks right now can alleviate some of your anxiety, help you to be better organized, and assist you with meeting the federal and your state’s tax deadlines. The federal deadline is Tuesday, April 17, 2012, and most states have the same deadline — but pay attention if you live in Nebraska, Louisiana, or West Virginia as your state deadline is earlier in the month. (And lucky are those of you who live in the seven states without an income tax and who only have to file federal forms.)

Make life easier on yourself and try these basic tasks this week:

1. Per U.S. law, you should have already received copies of your tax statements from your employer and investment/banking entities. If you haven’t already done so, grab a large Kraft envelope or file folder and place all of these tax documents into one place. Label the exterior of the envelope or the top tab of the folder as “2011 Tax Statements.” If you have numerous statements, list them on the front of the envelope or folder.
2. If you are filing complex tax returns — listing deductions, credits, claiming expenses, etc. — group all of your supporting tax receipts and paperwork and place them into another large envelope or file folder. Don’t worry about sorting or grouping these documents at this stage of the game, simply gather. Label the exterior of the envelope or the top tab of the folder “2011 Supporting Tax Documents.”
3. Call and make an appointment with an accountant or tax preparer if you are filing complex tax returns. Look up the number right now and pick up the phone. If you don’t know an accountant or preparer, ask for recommendations for people you trust, or consult a review service like Angie’s List. If you have no deductions, credits or other items to claim on your tax form, learn more about e-filing through the federal government and your state (do a Google search for “e-file state of X” with X being your state), or download “ez” forms from the federal government and your state.

My hope is that you have already filed your taxes and the information in this post is completely irrelevant to you. However, if you haven’t, stop procrastinating and take these first steps to getting your taxes done on time.

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