Tuesday, July 25, 2006

A Formula for Tax Preparation Disaster

Gina's Tax Blog (see link in title above) has a list of seven no-no's in dealing with taxes. Among discouraged activities are: failure to plan for taxes, planning only for the current year, lack of communication with tax professional, accept tax advice from sources of dubious value, excessively crave refunds, fail to leave a tax professional which has not done a good job and base choice of tax professional on price rather than quality. My guess is that many of these have been advanced before; I would also add: "taxpayers who pay so much attention to taxes that they overlook the impact of a given activity on overall after-tax income and/or wealth." Having said this, Ms. Gwozdz's post is certainly worth a read.


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