How is preparing for a marathon like preparing for tax season?

Jim Roche is an avid runner and participates in several marathons each year – and preparing for Boston on April 17th!  Jim views preparing for a marathon like preparing for tax season:

Step 1: Get organized

  • Start with a plan, what are your goals?
  • Organize your paperwork (training schedule)
  • Figure out what is need for success!

Step 2: Do your research and prepare

  • Marathon:
    • Build steadily
    • What is course, weather, last race evaluation, training goals, shoes/attire?
  • Tax filings:
    • Review and understand deductions and credits
    • Learn about the latest tax laws
    • What can you do to maximize deductions?

Step 3: Run the race!

  • Marathon:
    • Get into it, then make adjustments along on way
  • Tax filings:
    • Itemize/calculate
  • Hard work
  • Final review/submission

Step 4: Post-race evaluation – and preparation for next event!

  • What could do to optimize it better next time?
  • Learn, grow, change your approach

How can MyCFO help?

Learn more about our Tax Planning services and contact us today for a free initial consultation!