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January 18, 2012

Get Your Tax Documents Organized

Tax documents begin arriving in our mailboxes from now through early February. Make a file folder or checklist to keep track of the documents you receive and need before your taxes can be prepared. Even if you have a tax preparer, they will need you to organize your documents. 

  • Sort receipts into categories, such as travel expenses, office supplies, memberships, clients gifts, etc.
  • Put everything in large manila envelopes or folders that will hold a variety of different-sized paper documents.
  • Update your tax software if you do it yourself.
  • Go to irs.gov and your state tax website to review any changes to the tax laws.
  • Save electronic records, such as calendars and expense and income logs, on an external drive to keep them safe. In case of an audit, you will need them.
  • Set an appointment with your accountant or tax preparer now before they get too busy.
  • Remember to file any local and business taxes also due this time of year. These are often lost in the crush to handle federal and state taxes.  

Tax time doesn’t have to be a hassle if you are prepared.

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