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Another approach would be to make a folder for the 2008 Taxes, which contains a number of related projects, such as data collection/entry, filling out the personal return, etc. If your business return was due at a different time of the year, would you want it to be in the same project?

You can "nest" projects with action groups, as described, but there are a few things to note. Action groups don't show up in context mode (the included actions do, of course), so there is somewhat lessened visibility compared to using a separate project. Also, an action group that has all of its actions completed but hasn't been checked off will not block subsequent actions in a sequential project. That may not be an issue, but it is not necessarily what one would expect. On the flip side, if you make a complicated structure with a bunch of action groups, sequential and parallel, you do get to control the sequencing/dependencies in a fashion that is somewhat inconvenient with the multiple project approach. With the latter, you'd have to put in some Waiting For actions in appropriate places (or use start dates) to make sure one project didn't start or advance past a synchronization point before the other had reached that point. For example, you wouldn't want to go too far down the path of filing your personal return before you'd gotten all of your tax statements showing income.