www.FinallyFiled
  • FinallyFiled
    • Newsletter Sign Up
  • Peace by Piece
  • Health Care Advocate
    • Understanding Insurance
    • Medical Information
    • Navigating your Benefits
  • Blogs
    • You Tube
  • Your Organized Home
    • Accessible Home >
      • Grand Central
      • Accessable Kitchens
      • Functional Fridge
      • Compatible Closet
      • Favorite Businesses >
        • Lupus of MN
        • Clothing
        • Junk Mail

The right tools for tax time

2/12/2016

0 Comments

 
The first step in making tax time easier is ensuring that you have one location for all your documentation.  If it's paper, receipts, reports, you need a place to put them throughout the year.  And while you are already putting them into on place, why not organize them at the same time?  Smead has some fabulous tools to make this process easy and painless.  It's all about the right tool for the job.

From Smead Organomics:
Tax advice is something that all of us are interested in. Who doesn’t want to make sure that they are getting everything they are owed? The problem is that most tax advice centers around how to make the most of your deductions without facing the problem that sabotages a large number of us each year: we don’t have the proof that we deserve these deductions.
​
Each year, shortly after the New Year has arrived, people start bemoaning the fact that “tax time is going to be here before you know it”. Most admit it wouldn’t be such a dreaded task if they had kept track of things like receipts and other documents throughout the year. When you create a home for future reference items, you prevent that panicked feeling each spring as you try to remember the financial details of your year.

Create A System To Sort Income, Expenses And Taxes.

Throughout the year you will come across paper documents supporting important information for your tax returns. Sort this information into three categories, using separate hanging files or binders. If you like uniformity, stick with one color for your files or binders. If you are more visual, you might prefer a separate color for each category:
  1. Income: Here is where you’ll keep payroll stubs, 1099’s, Dividend Distribution statements, Gain & Loss statements and Annual statements from your financial institutions.
  2. Expenses: Receipts of deductible items such as donations, loan interest statements, school/tuition expenses, business expenses such as mileage or uniforms. For real estate transactions, you’ll need the closing statement and any home improvement receipts in case those are deductible.
  3. Taxes: If you pay any kind of taxes throughout the year (I.e. quarterly, estimated) keep these receipts in your Taxes File or Binder.

Valuable Tax Advice on Receipts
If you purchase items that you’ll need proof of when tax time comes, you’ll want to be sure to hang on to the receipt. Sometimes it may not be convenient to file the receipt immediately.
  • Keep an expandable wallet in your vehicle or kitchen. These are two locations where receipts are often found “floating”. Once a month, transfer the receipts into your Expense File or Binder.
  • If possible, make a note on each receipt what was purchased and circle/highlight the date. When you’re in the middle of preparing your taxes, you’ll appreciate this attention to detail.
Hopefully you will take this fundamental tax advice and put it to good use. You now have a place to put your tax information and it will be easy to access and use come the start of the New Year. In fact, this tax advice may help you be so organized that you’ll do your taxes early next year.
By: Audrey Thomas
0 Comments

2 minute miracle

2/8/2016

0 Comments

 
When you are in a hurry to get a refund
0 Comments

February 03rd, 2016

2/3/2016

0 Comments

 
Fabulous tax organizing video from our current NAPO-MN president, Louise Kurzeka. 
0 Comments

    Author

    Points to ponder, reflect and think upon.

    Archives

    August 2016
    February 2016
    December 2015
    August 2015

    Categories

    All
    1099
    2 Minute
    File
    Income
    Legs
    Louise
    Organomics
    Perspective
    Receipts
    Skiing
    Smead
    Sort
    Tax
    Tool

    RSS Feed

Advocacy through Organization
Kimberly Dahline, Your Organizational Advocate
Member of NAPO, NAPO, MN
​
612-382-6849
Love to hear from you on these social media sites.
Photo used under Creative Commons from frankieleon
  • FinallyFiled
    • Newsletter Sign Up
  • Peace by Piece
  • Health Care Advocate
    • Understanding Insurance
    • Medical Information
    • Navigating your Benefits
  • Blogs
    • You Tube
  • Your Organized Home
    • Accessible Home >
      • Grand Central
      • Accessable Kitchens
      • Functional Fridge
      • Compatible Closet
      • Favorite Businesses >
        • Lupus of MN
        • Clothing
        • Junk Mail