Tax season is creeping by. Very soon and before you know it, you’ll be looking for pieces of paper you placed somewhere, a receipt for some expense and those items I was told last tax season to track for tax purposes.
It’s not too late now. Organizing, categorizing and putting together your paperwork is not brain surgeon’s task to accomplish. The following tips may help you save money when you file, as well as make the December and January stress easier! That’s if you can follow them as well as being consistence on the task later on.
- Open your storage shoe box or that old envelope behind the desk and get those receipts in your glove compartment.
- Know what’s tax related and what’s not and separate them
- Put back the not tax related items into the shoe box
- What you’re not sure of its relation to taxes, leave to us
- Know your tax categorizations and separate your papers accordingly:
o Proof of all income other than employment or reported by others
o Out of pocket medical expenses
o Un-reimbursed (by employer) business related expenses
o Self-employment expenses
o Auto expenses (business related)
o Continued Education expenses
o Seminars or any business related subscription
o Home Office expenses
o Child Care Receipts
- At the end of the year you will need to add to the items above;
o W-2’s /1099’s forms
o Dividends & Interest earned no saving or investment account(s)
o Mortgage interest, property taxes & insurance paid statements
o Any issued statement that states “Tax Related”
- Now you have the choice between;
o Electronically put all these records by category into Excel spreadsheet, or
o Go to the nearest office supply store and buy a column ledger then start recording every receipt by category and total them.
o The third choice is to bring it to us and we’ll put them together for you for a charge…you wouldn’t need that choice.
- Bring all of the above the way you feel suitable to you and finish your tax return filing in minutes!!!
Some items that may be of importance were not mentioned above because they are not pertaining to everyone nor they are very common. It should be clarified by your preparer in the interview!
Again being organized will save you money, time at filing and
will five peace of mind knowing where is everything and what benefit it brings
you. Invest an hour of your time today and collect on such investment in your
TAX REFUND you deserve!
For more information and to answer any question you may have please contact me. I will be more than hono