You filed for an extension of your individual tax return in the spring but now it is time to face the task that you have been avoiding.  I am talking about getting those taxes done!  I know it is only July and the return is extended until October but the longer you wait the harder it will be to get started.

Here are some pointers to get you motivated whether you are preparing the return yourself or you are hiring a professional tax preparer.

1)      Start with your prior year tax return as a reference point.  Pull that 2008 tax return out of the filing cabinet and all the supporting documents.  Then pull out of the cabinet the file labeled “2009 taxes” and compare the 2009 to the 2008 documentation to compose an open item/missing list. 

2)       Don’t panic if you are missing several items!  It is easy to get a lot of the information on line.  Let’s say you are missing Form 1098 Home Mortgage Interest.  Most mortgage companies have that information available on line.

3)      Set a deadline to acquire all the missing information no later than August 15^th.

4)      Now think about any changes that took place in your life during 2009.  Do you have a new dependent in your family?  Did you start a new job?  Did you acquire a new rental property? Did you move?  These new situations may have tax implications so you should gather all the pertinent information and do some research or bring this new information to your tax appointment.

No more excuses…You have gathered all the information so it is time to tackle the tax return yourself or visit your tax preparer.  Do not wait until October 12^th to get started!!!  You will not be able to file a complete and accurate tax return at that point.  Also you will probably miss deductions and tax credits.  And last but not least, if you are hiring a professional tax preparer, remember that he can only do a good job if you give him all the information and enough time to evaluate your situation and process your tax return.

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