Are you scratching your head wondering how "Income TAXES" and "CHRISTMAS holiday" fit together in the same sentence?  Well it's simple.  Christmas holiday is the end of the year.  And also is a very quiet time (business-wise) compared to the rest of the year.

Not that I don't have buyers or sellers at that time of the year.  But fewer and father between than the spring and summer.  Since it's quieter, and other industry associates will be taking vacations (lenders, escrow reps, insurance reps, etc.), it's a PERFECT time to shut your office door and get your bookkeeping done.  Without any phone interruptions.

"You mean the taxes that aren't due until April 15th?" you ask.  Because most of us procrastinate and wait until April 1st to start getting our bookkeeping together.  Or maybe we just throw all our receipts and pay stubs in a big brown box (or 2) and run it down to our accountant's office?  And then hope and pray that we get it submitted to the IRS on time...

That's why I take 2 or 3 days during Christmas vacation and get it all done NOW.  Reasons for filing your return early in the year:

• Start off the new year FRESH, with a clean slate, and no burdens from last year.  You'll feel so much more relieved that you'll be more productive on JAN 1 and make more money starting in JAN.
• Your accountant will have more time and energy to devote to your return, and can offer you more individual advice suited to your situation.
• Avoid the stress of waiting until the last minute, when your accountant is completely booked up (she's stressed, the receptionist is stressed, and so are all the other last-minute people waiting in the office).
• It is a relief, a huge weight lifted off your shoulders, and you'll sleep good at night and be able to focus your full attention on your business.
• Lenders and others rely on your tax return to grant you credit, or to extend loans.  Without a current tax return, you may miss out on important financing opportunities.

Amazingly, once you get started on compiling your receipts, you'll get momentum.  Get the ball rolling, it'll go fast and simple. 

For HOW to put together your tax filing info at the end of the year, refer to PART 2: http://activerain.com/blogsview/846238/This-Christmas-give-yourself-a-TAX-break 

Oh and did I mention that you'll save a LOT of time and effort, AND get bigger deductions by using a great accountant, rather than trying to do it yourself?  When you own real estate and a business, there are just too many deductions and issues... for instance, depreciation!

Join my NEW group for professionals who work from their home office at http://activerain.com/groups/virtualoffice

Regina P. Brown