Saturday, 28 September 2013

Case study: tax deductions

Today has been an extremely satisfying day.  I finally completed my tax return.  It’s one of my highest paydays of the year, after bonus time, and completing it is certainly the highest earning activity I do on a per hour basis.  So I don’t know why I procrastinate so much!

For me, completing my return is a six-step ritual each year:

  1. First, I download e-Tax and do a trial run, based on what’s prepopulated and some estimates.  The promise of a refund then usually inspires me to complete step 2
  2. Second, I sort out my paperwork for the year, which is often stacks of accumulated material organised by date – i.e., the oldest stuff is at the bottom of the stack!
  3. Third, I do a full run-through of the tax return, answering all the material and identifying any documentation gaps