Spring Cleaning: Your Garden and Your Tax Return

Contributed by: Cindy Wysong, CFP®

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The first few warm days of the new year has me itching to get into my flower beds.  I get eager to trim the dead heads and cut back last year’s growth.  Because caring for a garden is not second nature to me (pun intended), I keep a cheat sheet for how to prune the various shrubs and bushes planted years ago by landscape professionals.  And right next to that landscaping cheat sheet?  My tax file organizer. . .a reminder that spring also means it’s time to file my taxes.

As different as they seem, both projects require preparation, patience, and a willingness to get your hands a little dirty.

While I’m not a Master Gardener or an accountant, I know enough to be dangerous.  Here are four steps to help you with your garden and tax return projects.

Assess & Determine Your Needs

·      Garden – Stroll around your garden and first determine a game plan.  Is this something you can do yourself or do you need to call in the professionals?  How much time might be involved?  Make a list of what you need to purchase from the greenhouse. 

·      Taxes – Take a careful look at your financial life in 2025.  Were there major changes?  Are you able to self-prepare or do you need to hire an accountant?

Get Your Hands Dirty

·      Garden – Start pulling weeds, cleaning out leaves, and preparing the soil.

·      Taxes – Begin to organize the documents you will need to file your taxes.  You might receive a handy list from your accountant that highlights all the forms that are required.  If you don’t, start with your sources of income (W-2, Social Security, 1099s, etc.), then gather records for potential deductions such as mortgage interest, charitable giving, or medical expenses. 

·      TIP: Don’t try to tackle these projects in one fell swoop.  Commit to working on your project for a pre-determined amount of time.  Maybe even set yourself a timer!

Make it Official

·      Garden – Commit and plant those new shrubs or flowers!  Be sure to take into account the amount of sunlight and water the plant will require in order to stay healthy.

·      Taxes – Double and triple-check your work and file that tax return!  Ensure you have the proper documents to substantiate the numbers you are reporting.

Purge

·      Garden – Throw out or compost all the dead shrubs you’ve removed from your bed.

·      Taxes – While many tax documents can likely be discarded after three years, keeping them six or seven years is often a safer rule of thumb.  If you like to hold onto documents for longer than this, perhaps this IRS website will give you the peace of mind you need to purge older files. 

Since beginning writing this article, the weather has literally shifted 20 degrees colder.  No longer am I excited to work in the flower beds or file my taxes.  I suppose both the garden and my tax return can wait for the next warm spell.  After all, timing in both landscaping and finances matters more than urgency!

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Cindy Wysong is a Partner and Wealth Advisor at BCWM, LLC.

To contact Cindy:

Email:  cindy@bcwm.com

Telephone: (913) 685-2300

www.bcwm.com