How To Get Organized for Tax Season?
April 15th is closer than you think. So, now it the perfect time to get organized for tax season. By now, you should have received a plethora of tax related statements in the mail… W-2s, 1009’s, etc. Getting them in some order will make it easier and more efficient, whether you send them out to the accountant or chose to do them yourself.
Follow these instructions and enjoy your organized tax season:
1. Begin with SMEAD Project Organizer. It has 10 sections which will be plenty for organizing all the categories of statements you may receive.
2. Paste our Tax Preparation Checklist in the front cover
3. Label the sections 1-9:
a. Charitable Contributions
d. Interest & Dividend
e. Local & State Tax Refunds
f. Miscellaneous Deductions
g. Miscellaneous Income
h. Retirement, Pension & IRA i. Receipts (as required)
4. File all your papers in the appropriate section. Be sure to inform your tax preparer of any major life events that have occurred within the last year. Changes such as adoption, birth of a child, schooling, marriage, divorce, real estate, moving, job changes or retirement will all make an impact on your withholdings, deductions and benefits.
Once you have created your Tax Organizer, keep it handy throughout the year. This way you can file papers as they come in and alleviate the need to scramble next February.
Do you have any tips that work for you? We’d love for you to share them with us!
Now that it is time to get organized for tax season, what else do you need to gather before preparing your taxes?