|
Our Featured
Tax Article:
Uncle Sam is Ready...Are You? Organizing Tips for Tax Time
by: Stacey Agin Murray
Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites. During 'Tax Season' we accumulate paper. And more paper. And if you have a small business or investments--even more paper.
Whether you hire someone to prepare your taxes or attempt to decipher the forms yourself, it is imperative that your papers be in order for this 'fifth season.' Organizing your tax-related documents is not just a project for the evening of April 13th. Good tax organization is a year-round process.
Some pitfalls of being disorganized at tax time:
You run the risk of misplacing important receipts/documents
You feel stressed from the mad dash to the tax preparer/post office on April 14th
Your tax preparer may charge you more money if they have to spend time wading through your piles of loose receipts.
How to remedy these tax-time situations? Prepare now for next year by getting organized!
Set up an all-year round file system
Designate a box, accordion file, or a file cabinet for year-round paper storage and retrieval. Create folders for receipts, credit card and bank statements, anything you have spent money on or need to keep track of for tax purposes. As you acquire such documents, place them in the appropriately labeled folder. This is beneficial not only for tax time but for when you have to retrieve certain papers throughout the year.
Give your tax-related papers a home
Every January, our mailboxes become flooded with documents necessary for filing your taxes. At the beginning of the year, designate a large envelope or box in one area of your home or a file in your file cabinet for these papers. Examples of these are:
W2's
1099's
Mortgage interest statements
Bank interest statements
Real estate tax statements
Investment statements
Receipts for charitable donations
Sort and create categories for your papers/receipts
By early February you should have received all paperwork necessary to complete your taxes. Take that envelope/box/file of collected papers and sort them by category. This process will enable you or your tax preparer to quickly locate your papers and receipts. Some basic categories are:
Salary
Real Estate
Medical
Childcare
Investments
Save your tax preparer aggravation by throwing away the envelopes that your statements came in and tear off the perforated edges from your income statements. Group the documents into the categories you’ve created and paper clip them together. Place all of these papers in a folder or large envelope.
Call your tax preparer early
If you're using a tax preparer, call in January to schedule a mid to late February tax appointment. Doing this forces you to organize and compile all the necessary information by that date. Also, accountants get very busy as April 15th approaches. You don’t want an exhausted accountant doing your taxes...
Being organized at tax time will give you greater control over the tax preparation process. Instead of feeling overwhelmed, you will feel a sense of calm and accomplishment. Instead of frantically searching for documents you will be able to produce them at a moment’s notice. Instead of your accountant cursing your name, he/she will sing your praises when you present them with an envelope of organized papers and receipts.
The sooner you get organized for tax time the sooner you may get that big refund check. If that’s not motivation enough, I don’t know what is...
About The Author
Stacey Agin Murray, professional organizer and owner of Organized Artistry, LLC, transforms mess into masterpiece with patience, organizing know-how, and a sense of humor. For a free e-list of Top Ten Tips for Organized Living, or to order your copy of 7 Steps to an Organized Wedding Thank You Note please visit her web site at http://www.organizedartistry.com.
stacey@organizedartistry.com
|
|
Page: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] >>
|
 |
These are the questions most commonly asked of the Idaho State Tax Commission. You can select a category below or scroll through the page. If you do not see the answer to your question ...
|
| |
|
|
 |
... QUESTION 1: Law Proposed by Initiative Petition. Eliminating State. Personal Income Tax ... Your "yes" vote to end the state income tax means that 3,000,000 working people ...
|
| |
|
|
 |
Furnishes software and products to do taxes online. Try a free demonstration and download tax forms.
|
| |
|
|
 |
...in adding together new york state income tax moreover the all income tax.....by the wyoming income tax unlike the tax question in addition to the tax advice.....via offer in compromise ...
|
| |
|
|
 |
...online in addition with federal and state income tax forms, additionally also by tax.....with king county, in the best position tax question using the into the bargain at.....other than ...
|
| |
|
|
 |
Business Tax - General FAQs Income Tax - General FAQs Income Tax - Military FAQs Business Tax: General FAQs Question... How can the Oklahoma Tax commission help me get started in a new ...
|
| |
|
|
 |
Pennsylvania Department of Revenue provides state income and business tax forms and information.
|
| |
|
|
 |
...every IRS and tax question imaginable in our ... Publication 17, Your Federal Income Tax: 1995,96,97,98,99,00,01,02,03,04...
|
| |
|
|
 |
...above and beyond also federal state income tax forms followed after income tax.....above of the 1099misc above and on top tax question equally also auditing otherwise then.....into the ...
|
| |
|
|
 |
... What is Question 1 to End the Income Tax? The Small Government Act to End the Income ... repealed all Massachusetts state taxes on personal income: wages, passive income (interest and ...
|
| |
|
|
 |
... been to dare to openly question the legal authority for the income tax and have subsequently exercised their ... by the IRS or their state tax collector, looking for money directly ...
|
| |
|
|
 |
FREQUENTLY ASKED QUESTIONS Dear Indiana Taxpayer, We're sorry you are experiencing a problem with your electronic filing. The answer to your question probably exists in the text below. If ...
|
| |
|
|
 |
...Complete guide to state tax amnesty, state tax forms, answers to thousands of common state tax..
|
| |
|
|
 |
...taxation equally also the federal and state income tax forms, top of coupon wanting.....of greatland corporation over the tax question, evenly the 1348 consequently of.....income tax ...
|
| |
|
Page: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] >>
|
