You know what’s good about April 15th? It’s my friend Susan’s birthday. Other than that, I kind of dread tax day. Every year I say I’m going to get everything done early. Next year.
Our wonderful Girlfriend Guru MIATA EDOGA reminds us that tax time is coming and it will be better if we prepare for it. Speaking of which, I need to get a card for Susan. What are your tips for getting ready for tax season girlfriend?
5 Tips to Organize Your Tax Documents (Timely and great girlfriend advice!)
Tax Time? Yuck.
If you’re like many of my clients, the next two months are spent digging for receipts, contracts, and financial statements.
That doesn’t have to be the case.
Just a little organization today can save you tons of headaches in April (or whenever you’re ready to file your tax return). Here are five tips to help you stay on top of your tax paperwork.
1) Create a file and leave it near the front door. Ours is a basket. Every tax document immediately goes into the basket. I don’t open it yet. I just need to know where to find it later, when the time comes.
2) Find a tax document checklist. If you complete your own taxes, your software program will include a checklist of all the documents you’ll need. By gathering everything ahead of time you’ll be able to complete your taxes in one sitting.
3) Explore savings opportunities early. As documents arrive, ask yourself, “Is there a way I can use this to save money on taxes?” If you’re eligible for a traditional IRA or a SIMPLE contribution or other, similar plan, decide now how and when you’ll make the contribution. Write the date on your calendar so you don’t forget. Better yet, if you can afford it, make the transfer today!
4) Download/review your online/software program or find your preparer early. Generally, if you need a preparer, you should have looked during the fall months while they aren’t busy. It might be more challenging at this point to get an appointment, but you still buy phentermine canada have time to file….so ask lots of questions to make sure you have someone you’re comfortable using. If you’ll be utilizing an online/downloaded package, play around with it to make sure it’ll be easy to navigate when you’re ready.
5) Complete your first draft early. Here’s the horror story: you know that you owe on your tax return, so you wait until the last minute…only to find out that there’s one piece of information you’re missing. Suddenly you’re forced to file an extension and it all goes downhill from there….
The key to tax time is to make sure that every piece of paper and every online tool is ready when you need it. By making a few quick changes to your tax prep today, you’ll save yourself countless headaches and a ton of time down the road.
MIATA EDOGA is the President and Founder of Abundance Bound, a 10-year old company committed to utilizing humor, inspiration and lots of love to give individuals around the world the necessary tools to thrive financially, while keeping focus on the things they treasure most. Visit the Abundance Bound Facebook Page for your free copy of Financial Success for the Creative Soul!
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