Tax Day is Upon US
April 15 is ‘Tax Day’ in the United States. You know this. All of us know this! Yet the echo of panic can still be heard first thing in the morning from the lines of last minute lingerers anxiously waiting in line at the post office. Whether tax service providers are imploring you to get your billion back, or the local news is reporting on the bevy of last minute filers, media has burned April 15 in our brains as national tax day.
Because of my role as Zeno Group’s Chief Financial Officer, people sometimes assume that this time of year marks a particularly crazy time for the finance team. Yes….we’re busy, but not because of tax planning. Instead, we’re immersed in planning for our next fiscal year which not only is a healthy approach, it also gives us a chance to assess what we’re doing well and where we have opportunities to be better. Many of the areas we’re performing well in are the result of actions planned in prior years. And our identification of areas to improve can serve as a guardrail in the current year’s process. When we’re done, we’ll have a good plan that we can execute and a filter to guide our decision making process in the coming year.
On a personal note, April 15 is the perfect excuse to reset your goals and consider the impact of planning for your financial future. The surprise of a large refund (Uncle Sam says thank you for the interest-free loan), or the missed opportunity to maximize your employer’s matching 401K contribution are not the best revelations on tax day. However, it is definitely not too late to turn the financial tide by developing a winning plan of action for 2015 and beyond. Readily available financial guidance tells us all, that there is no time for saving like the present. As much as possible, take advantage of your company’s 401K plan and make annual IRA contributions. These are the first steps in developing a successful financial plan that your future self will thank you for!
Well, that’s it. I can’t offer any more financial advice because I’m not a financial advisor. Also, because I need to help a friend with their tax return now. After all, I’ve heard today is Tax Day.
