Tuesday, March 19, 2013

Organizing Tax Papers

As I mentioned here, Mr. Tax was impressed with our record keeping for the 2012 tax year.  Our desire is to make it as easy as possible for him so that in return it can be easy on us.  Win-win situation.

Our organization could definite use some fine tuning and here is what we've done and plan to implement this year.

1.  Begin Now
Start planning how you plan to corral your papers.  I find it so much easier if I have a system set up beforehand.  My desk contains a folder labeled 'Taxes.'   Any paper that enters the house under this category immediately gets filed away as opposed to getting lost in some paper pile.



2.  Stay On Top of It
Some things are not as easy as slipping a paper into a file folder such as mileage.  So, in order to stay on top of it, I am using this binder to keep track of our mileage monthly and plan on updating this monthly into a spreadsheet (Mr. Tax likes spreadsheets).


3.  Make a Checklist
This year as Mr. Tax went through our expenses, I realized that I had forgotten a receipt.  I only remembered because it was in Mr. Tax's file from last year.  So this year, I plan to make a checklist of our usual paperwork so that I do not overlook anything.

Because some of these tips were implemented last year, this tax season went smoothly but I did forget some receipts because of disorganization.  Hopefully, practicing all these tips will make for a smoother appointment with Mr. Tax.

1 comment:

  1. We have yet to file our taxes...yikes!!!

    I noticed that having a filing system set up and following through with it helps when it will be time to go in. I, too have a dedicated file where I tuck away receipts and any other paperwork I will need come tax time.

    ReplyDelete

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