Tax Preparedness: Gathering Essential Documents

It happens every year. Taxes are due. People everywhere are eagerly awaiting their W2's so they can file their tax returns. Right?

Maybe not - there are a lot of people that put off getting all of the needed paperwork together until the very last minute. Why?  Because they aren't organized. They can't find the information they need. It's not in a convenient location or in a convenient format.

Receipts have been misplaced or are non-existent. Stress builds up and all thoughts of taxes are pushed out of their thoughts. Until April. And then the panic sets in. Again.

This happens every year. So why not break the cycle?

Put together a list of all of the things that are needed to file your taxes. Then make folders and as these things come into your home - put them in the appropriate folder.

Make sure that you have a "donation" folder - for all of your donation receipts.

Have a folder for your investment information. A folder for your medical bills. A folder for children's expenses. A folder for major purchases.

The system has to work for you. Each person is different and has different information that they need to capture.

Use this year - as you get ready to prepare for your taxes - as a learning tool for what kind of information you will need to capture for next year.

By being organized - by having all of the needed information in one place - your life will be much less stressed.

Tax time is not a fun time for anyone - except tax accountants.  So take the stress out of the equation by being more organized.

Keeping good records throughout the year will make year end and tax time a breeze.

So take a deep breath and get your paperwork in order and resolve to make next year a better one.

Read an article from the IRS about some of the documents that you should keep:  Tax Preparedness: Gathering Essential Documents



Less Clutter = Less Stress ^SM     in your home, your business and your life 

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