|
|
|
What’s your favorite tax tip? Have you found a way to overcome a daunting problem or have a great success story you’d like to share? Tell us – your useful advice could be beneficial for someone else as well!
"Don't agonize. Organize." - Florynce Kennedy
|
|
|
Everything that is related to our tax return goes into one central file. If it's a receipt, we note on the back what it is for and what tax category it is associated with. As the W-2's come in, they go into the file as well. When we're ready to complete the return, everything we need is in one location and easy to find.
|
|
I agree with Marjorie. We have a central file for tax documents/receipts as they are received. It's a simple hanging folder and we both know where it is in a pinch. Then when ready to begin the tax process, we pull out the file and everything is at our fingertips. This really helped this year as we decided to save money and do our taxes ourselves. Being organized really helped!
|
|
|
I agree with Marjorie and Kelley! We have always done our taxes. The way that we keep everything together is to put everything that is tax related in a big (9"X12") envelope; books, W2s, receipts. That way, after the last W2 comes in we file the taxes and usually have our refund by the end of February.
|
|
|
Keeping all you information - receipts, donations, other expenses - filed away in one place (like the 5 in 1 Tax Organizer) make it soooooo much easier to deal with the actual filing process. It's in one place, ready to rock for you!! 
|
|
|
My accountant gave me some great advice: keep a checklist for every line item on the tax return. I file receipts, W-2's and any other tax-related documents in an organizer and check off items as they come in. No last-minute scrambling!
|
|
|
Keeping my filing up-to-date is definitely the biggest help when it comes tax filing time. It is already organized into categories and I can easily pull the file needed for that part of the form. If I can't complete it in one sitting it is easy to go back to it.
Looking forward to seeing what this new Tax Organizer is like on the inside. I really like the Project Organizer I purchased and have been using it since becoming PoA for my parent.
Carolina, CEOE/CPS
|
|
|
Organizing in the beginning saves headaches at the end. As soon as I get a receipt, I write on it in ink what it was for and what tax deduction category it goes into. I highlight the year and the total amount. This way, when I sit down to do taxes, all I have to do is look at the receipt and know exactly what it pertains to and what category I can claim it under.
|
|
|
When the new year hits, we create a tax file for the NEXT year already so we have a place for receipts to "live" all year long. Then when tax time comes, just pull the file to get started and be sure to create the NEXT folder and so on and so on.....
|
|
|
I recommend setting up your budget categories to match the IRS tax categories. That way you can run reports that support your tax prep. I also recommend setting up your files to match the IRS tax categories. Then all of you data flows smoothly from the time you spend the money to the time you file your taxes.
|
