Tax Tips
Tax Time Tips
Taxes and death…inevitable to all, and we all agree that preparing your taxes is not our favorite thing to do. I personally can’t save you money, or make this go away, but I can offer a few ideas to save you time and lower the frustration levels.
1. Set a time line. You need to know who is going to prepare your forms. Is this you or an outside service like an accountant or tax preparer? If you are going outside, you need to know the deadline to get them all your supporting documents. If you are preparing your own taxes, pull out your calendar, work backwards from the 4/15 deadline, and make appointments with yourself. Include all the steps listed below.
2. Pull all the supporting paperwork together. Sort in to main categories including: income (wages and salary doc.s, investing income, and more), deductions (Contributions, business expenses, etc.), any other supporting documents.
3. Clear the clutter in your work space. At a minimum clear an area at your desk, computer, where-ever you are going to do the actual work. Other papers and projects will just distract and bother you while you need to concentrate on your taxes.
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Hint: keep all you papers together between work sessions. File folders for each of the categories listed above will help you keep things organized. Make sure they are clearly and boldly labeled.
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4. Purchase and install tax prep. software if you are using this.
5. File your taxes either on-line or in the mail no later than April 15th.
6. Set up a better filing and storing system for next year. Yes, do it now while it is top of mind, while you have good ideas for how to make this easier next time and so that you can use it all year!
Good luck and I hope you meet the deadline!