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Well, tax season is upon us. Some may cringe knowing they have to get everything together. It's time to search the home or office for important documents, receipts, etc.  How many of you have been charged an extra fee by your accountant for being disorganized or not being prepared for your appointment?

If you are having a difficult time gathering all your information, make a plan for next year starting now. We are two months in 2013, start getting organized now for next tax season.

Here are 5 tips to follow:
1.    Most important step. Create a folder or small organizing container (depending on how much tax information you have) for the tax year 2013. Keep it in your filing cabinet or wherever you store your important documents that you refer to throughout the year. If you have tons of documents and use a bin, do not throw the documents into the bin, it will defeat the purposing of maintaining organizaiton. Keep sorted by category in the bin.
2.    File monthly receipts in a pouch or file. When your credit card statement arrives, match up the receipts and file with your credit card statements. Do you have electronic statements? Keep monthly receipts stored in labeled envelopes.
3.    Donations. Keep track of donations throughout the year, whether it be keeping the proof of donation in a file or store them in your 2013 tax folder if you don't need to refer to them again.
4.    Important documents. If you don't need to refer to them throughout the year, keep any important documents for tax purposes filed in your 2013 folder.
5.    Banking information. Keep any banking information organized. Keep your statements and receipts together.

Basically, in a nutshell, as you receive documents throughout the year, keep them organized, labeled, and filed. This is going to keep you organized throughout the year.

As the end of 2013 draws near, refer to your 2013 tax folder. Go through and gather all the information in the folder. Relax and know that everything for the year is in one place. You won't get stressed because you know all the information is in one area, organized and contained.

Following these steps and maintaining organization throughout the year is going to save you time, money, and reduce your stress.

Organize! Energize!
Kristin

 


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