{"id":3626,"date":"2014-02-03T19:57:22","date_gmt":"2014-02-04T00:57:22","guid":{"rendered":"http:\/\/professional-organizer.com\/WordPress\/?p=3626"},"modified":"2015-06-23T07:53:27","modified_gmt":"2015-06-23T12:53:27","slug":"organizing-papers-tax-time-tips","status":"publish","type":"post","link":"https:\/\/professional-organizer.com\/WordPress\/organizing-papers-tax-time-tips\/","title":{"rendered":"Organizing your Papers: Tax Time Tips"},"content":{"rendered":"

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It’s that time again!\u00a0 It’s easy to procrastinate.\u00a0 Incoming mail shouts out \u201cImportant Tax Papers Enclosed.\u201d\u00a0 There\u2019s no avoiding it, it\u2019s time to get organized for your taxes.\u00a0 It\u2019s better in baby steps with these tax time tips.<\/p>\n

Create a master file for all tax related papers<\/b>
\nEven before your 1099 papers arrive, start a master file using an expanding\u00a0accordion file <\/a>(affiliate link<\/em>) or file folders.\u00a0 Label the files with the important tax categories \u2013W-2 information, interest and dividend income, capital gains and losses, charitable donations, medical and dental expenses, deductible business expenses, and miscellaneous deductions (educational expenses, safe deposit boxes, financial planning). Even before your papers arrive, this file will be their \u201chome\u201d and papers will not get lost! And to prepare for the current year, begin a master file for incoming documents for the current year, so you will not have to search for them at this time next year.\u00a0 Not sure what papers you will need? Turbo Tax has a list <\/a>for you!<\/p>\n

Set aside time on your calendar to collect tax related information<\/b>
\nAt the beginning of February, mark your calendar for a 2 hour tax session with yourself! Go through your checkbook, bank statement\u00a0and files to find important items to copy for accounting purposes. Three weeks later,\u00a0mark another 2 hour tax session to wrap up those loose ends and file your documents in your master file. If you use an accountant, you are ready to send in your papers.\u00a0 If you file yourself, break your filing sessions into manageable chunks like 2 hour sessions too!\u00a0 You can always break these sessions into one hour segments too.\u00a0 Most importantly marking these on your calendar commits you to work.<\/p>\n

Use technology as your assistant<\/b>
\nSo much has changed about paper and the IRS.\u00a0 \u00a0You can use scanned documents as records for your tax deductions. According to the IRS, \u201cThe electronic storage system must also index, store, preserve, retrieve, and reproduce the electronically stored books and records.\u201d\u00a0 You can scan\u00a0any kind of paper\u00a0and receipts as back up documentation.\u00a0If you choose to scan, be sure you back up your documents and create an online file system that you can easily use and access.<\/p>\n

There are lots of other ways technology can help.<\/p>\n