Archived ADDvice Newsletters
March 2005
Getting Your Taxes Done the ADD-Friendly
Way
Work on taxes early so you can file well
before April 15th.
Taxes are due each year on April, 15th. Everybody knows this
and yet each year those with ADD continue to have difficulty
getting the documentation together in some semblance of organization
to be able to get their tax return filed. Even if you hire
a professional to help, you will still need to get him the
information to prepare your taxes. If you file your taxes
yourself (we don't recommend this if you have a great deal
of difficulty with details or have a complex tax situation),
you will need to gather and organize the information to fill
out the forms. Getting your taxes filed sooner rather than
later - thus avoiding late fees and penalties - saves you
mistakes and ultimately money. But how do you organize all
of those papers?
Let's focus on this year first and then we'll address what
you can do to be better organized in the future. Here are
some simple steps to make the process of filing a return more
ADD-Friendly. If you have difficulty concentrating or long
periods particularly on tasks that are tedious and boring
yet require accuracy, it's best to break down the task into
a two or three day process.
- Pick a day in early March to get things ready.
Set aside several hours when you can give your undivided
attention. That might mean having someone take care of the
kids or turning off the phone, but the earlier you prepare
the better. Be sure that you have taken any medications
prescribed to help you focus and concentrate better
- Locate last year's return. You will be
able to use this as a guide.
- Use the 1040 booklet sent to you by the IRS but
focus only on items that are applicable to you.
We'll talk more about this later.
- Sort all of your documentation into 2 piles -
Income and deductions.
*Income pile should contain all your pay stubs, bank statements,
and other documents related to income (W2 - 1099 - K-1 forms).
*Deduction pile should contain your check register or cancelled
checks, credit card receipts, and documentation for any
charitable contributions that you have made.
*Use a tax organizer. To help sort, you can also use the
forms or organizer provided by your accountant or your 1040
booklet from the IRS as a rudimentary organizer. Use the
categories in these booklets to help you sort your papers.
File all income paper in that section, file interest paid
in that section, file papers related to your salary (1099
or W2) in that section...Do likewise for your deductions.
- If you find you are missing documents, request
duplicate copies now.
That's it! Now you are ready to take these sorted
documents to your tax preparer or to prepare your return yourself.
To prepare your return this year:
- Pick another day when you are fresh and
your mind is focused.
- If you were missing documentation from
before make sure that you have it now.
- Prepare your return by using software
such as TurboTax (visit www.TurboTax.com)
or fill out the forms sent to you by the IRS based on last
year's return.
- Use last year's tax return as a guide.
- If you have had an unusual transaction
such as a stock sale or you sell your house, you can download
the new forms you need at www.irs.gov.
Getting Organized - Next Year
To ease the stress of tax season, collect all the records
you will need in one place throughout the year. Be sure to
keep your records up to date. The best way to do this is to
create a special Tax Organizing Folder for all of your records.
As documents such as pay stubs or contribution receipts come
in, just drop them into this special folder. You can make
an expanding file yourself (just be sure that it has side
so that papers can't fall out).
Tip#1:
Circle tax deductible items as you review your credit card
statement before making your monthly payment. File copies
of these in your tax organizer under deductions or contributions.
Tip #2:
Financial organizing chores such as bill paying, balancing
your checkbook, and analyzing financial statements are excellent
opportunities to use a body double, someone who sits quietly
with you while you attend to financial organizing chores.
Many people with ADD find that the calm presence of another
person, who is there to keep them focused on their task, is
very helpful.
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