With tax season upon us, you may find yourself with a stack of unsorted paperwork or a pile of loose receipts and no idea where to start. If this is you, it’s time to start taking steps to ensure you are organized not only this tax season, but for years to come. You can take steps to handle your taxes with minimal stress with these 5 tax preparation tips:
Make a “To Pay” Folder or File
Whether you receive your bills by mail or online, it’s best to create a designated folder or file and label it “To Pay.” By having all your bills together, you can be confident that nothing is missed. Stay on top of your bill payments so you are guaranteed to have less stress when it’s time to prepare your taxes.
Organize Your Receipts
In order to avoid dealing with a pile of receipts, create a system to organize them throughout the year. One way is to keep Ziploc bags in your car, briefcase or purse then have each labelled for the coming months. Place all receipts you have accumulated in the month in the bag, then at the end of the month you can sort through them.
Put Your Kids to Work
If your children are adolescents, why not ask them to help you in online tax preparation? This will not only make things easier for you, but also given them a head start on learning how to file taxes and manage personal finances.
Label Anything You Are Unsure About
If there is anything you are unsure about, place the document in a designated folder and label it “Research” or “Ask the Accountant.” You should also use a highlighter and post-it notes to label sections of a document that requires clarification.
Relax
Filing your taxes is no fun, so remember to take a breath and know you are sure to receive a higher return thanks to your due diligence. If you have children, file your paperwork while they’re at school or on weekends when they’re out playing. This way you will be far more productive if you eliminate distractions.
Elite Tax has the knowledge and experience to help you file taxes while also keeping more money in your pocket. Give us a call today at 905-907-4614 or review our services here.