Tuesday, February 26, 2013

Tuesday Time to Tackle: Taxes!

I hope that by the time this post is published, my tax return will be filed and I can be back to working on fun projects.  It's amazing just how much time and mental effort goes into completing tax returns!  I'm not about to give any tax advice, but I do have organizational tips that might help tax preparation go easier next year.



First of all, you need to be familiar with your particular return requirements, so you know what paperwork to save throughout the year.  Do you itemize deductions?  Own a business?  Have investments?  If you know which documents you need, you can be saving throughout the year.

Once you know what you need to save, create a designated place in which to keep all the paperwork.  It doesn't have to be fancy; I just use a plain manila folder.  I also have folders set up on my computer for digital copies of pertinent information.  (I find this particularly useful for internet purchases on which my state requires payment of use tax.)

With your folders ready, you just need to add your paperwork to them.  Throughout the year, anytime you have a receipt or other document that you will need come April 15th, add it to your folder.  You might even want to jot down why you need to save that particular paper, if it isn't clear. 

Depending on your situation, you might need more than one folder, but the general concept is the same:  know what you need, have a designated place to store it, and file as you go. 

Whether you do your own taxes, use a software program, or hire a tax preparer, your job will be much easier if you don't have to hunt for paperwork at tax filing time. 

Do you have any organizational tips to make tax season easier?

Thanks for math teachers and calculators!


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5 comments:

  1. UGH, please don't even mention taxes! UGH

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  2. I agree that organization is the key to preparing and filing taxes.

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  3. You just reminded me.... Yikes I have to get all the receipts and go through them all...
    don't like doing taxes.. We never get any return..
    have a good day..

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  4. We have a business and tax time is so UGH. I go a tax preparer and this year I decided that I would list my expense amounts in the same order he asks for the information - so that next year we can just go down the line. I hope that makes sense.

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  5. I finished getting my stuff together yesterday and mailed it to the preparer. It takes about two to three hours even though it's all saved and organized in one place. I can't imagine what would happen if I didn't know where everything was. Oh my!

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Thanks for making this a conversation. I love to hear your comments!