It's getting close to
Tax Time! I know that people are probably scrambling to get all of their
documents ready to take to their accountant. But there are ways to make this
time of year a lot less stressful - by being prepared ahead of time.
Start by having a folder
dedicated to all things "tax related".
During the year -
anything that comes in - that might be tax-related - any receipts or documents
- put them into your tax folder.
That includes any
banking or financial documents. Also - any mortgage or loan interest
statements.
Tax deduction documents.
Expense receipts. Donation receipts. W2's. 1099's. Saving, investments,
or dividends. Any other income or losses.
And much more. Your
account can provide a list of all of your needed documents.
Something that is really
helpful is having spreadsheets that you can use to keep track of things like
donations or medical expenses. By having a list (or spreadsheet) of these
expenses it will save you money by not making your account add it all up. They
can look at the spreadsheet total and quickly make a determination if those
expenses can be used as a deduction on your taxes (depending on your
circumstances). Of course you will want to have your backup documentation. Be
sure to make a new spreadsheet every year.
What is most helpful -
is having a tax checklist that you can reuse every year. A list of all of the documents
that you are waiting for and that you will bring to your accountant. When they
come in - just check them off your list! Keep a blank copy of this list in your
tax folder. If things change - you can always add or delete them from your
list.
By having a system in
place - and a place for your tax file - this time of year should be a lot less
stressful!
Another thing that is
needed is a place for all of your tax paperwork that you will need to keep for X
number of years (depending on your tax situation). A filing cabinet space or a
box dedicated to taxes. If you have backup documentation for your taxes – put
all of that together into one folder and mark it for the tax year and keep it
with your tax form.
Use this year as a learning tool for what kind of
information you will need to capture for next year.
By being organized - by
having all the needed information in one place - your life will be much less
stressed.
Tax time is not a fun
time for anyone - except maybe tax accountants. 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.
Keep on Organizing!
Less Clutter = Less Stress SM in your home, your business and your life
Organizational Consulting Services
http://www.organizationalconsultingservices.com
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