““Tax time is scary for some, painfully boring for others, and brings the joy of a small financial windfall to many. How should we approach our tax returns?””

Like sex, if you find tax time scary or boring, then you’re not doing it right.

A Gen Xer’s life is hectic. For some, it is long working hours and a busy social life. For Gen X parents, it’s juggling a crazy career and/or never-ending home duties with a mortgage, investments and controlling a household budget. We’re either Friends’ Chandler Bing or Family Ties’ Steven and Elyse Keaton.

Why waste precious time doing your own tax return?

Build a “money team” and get professionals to do it for you. Many accountants will prepare simple returns for $100-$200. More complex individual needs might be $300 or $400. Accounting fees are generally tax deductible.

Next, get a financial adviser on your team. (A wise man once told me: “Good accountants can fix mistakes, but good financial advisers stop them happening in the first place.”)

I would no more do my own tax return than watch reruns of “Hey Dad …”. I reckon my accountant, Dale, has saved me $10 for every $1 I’ve paid him. I look forward to seeing him every year – he’s like Santa Claus in August.

Do your own return and you’ll lose, on average, 3-4 hours of your life (but perhaps 15-20 hours). Plus you’ll probably get it wrong, miss legitimate deductions or get bored and sloppy.

And start preparing for next year now. Get yourself a shoebox and put everything tax related into it. Buy a separate lever-arch folder for every investment portfolio.

It’s true that not everyone needs an accountant, but most people would benefit from using one.

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and principal financial adviser of Castellan Financial Consulting. Email: bruce@debtman.com.au