The key to making money with Adsense, or anything else on the Internet, is traffic. With Adsense this is done two ways--create a high content site, get it indexed by the search engines, and continue to add new, relevant content. The other way is to create sites by the hundreds, or thousands, and not worry about the content, just try to make a few dollars, or cents, per site.
I used to be able to generate a site or two a day, get it indexed within a 2-3 days, and start making money within a week. Some of these sites would make a few cents a day and some a few dollars a day, and my income was increasing substantially every month. Then, as everyone else started doing the same thing, the search engines started banning the type of sites I was creating, and the income drastically decreased. Also, the methods I was using to get the sites indexed became over-used and didn't work any longer. However, I am still making decent $$ from a couple of the old sites, but who knows for how long?
I'm guessing you are more interested in creating one content site, as opposed to hundreds of junk sites. If this is the case I think you will have a difficult time in making any substantial money with Adsense. You will be competing with millions of other websites and will have to feed the search engines exactly what they want on a daily basis (this site, the Early Retirement board, is a good example of what you will need to do). It's not impossible, just extremely difficult, even to make a few dollars a month from a new site.
However, there is no reason not to try. Just to please my wife I created a site with pictures of cats and asked anyone who was interested to post a picture of their cats, and, all of a sudden it started getting reasonable traffic and producing Adsense income.
I'm not sure why you would want to wait to open an Adsense account, unless you don't have a site to submit to Google. At tax time I just add my Adsense revenue into my other business income and pay the tax.