Whether you are doing your taxes yourself or enlisting the help of a seasoned tax professional, there is one thing that will make your life and you tax advisor’s life a little easier: organization. If you have filed your taxes in the past, or even if you’re doing research for filing for the first time, you’re probably finding that you will need a lot of forms and documents in order to accurately file your taxes. You may be wondering how in the world you’re going to find the information you need in a giant stack of papers. The word “organization” might scare you away. If that’s the case, QualiTax is here to help! Our qualified tax professionals have more than 37 years of experience and we offer a variety of tax services to help you prepare and organize your taxes. If you are in the Arnold and Annapolis areas, contact QualiTax today to schedule a consultation. Want to start organizing items in advance? In today’s blog we will discuss some simple tricks you can do to help you organize the many statements, receipts, invoices etc. that you will need when you file your taxes. Continue reading below for more information.
Put Your Items Into Categories
Whatever method you choose for filing your taxes, whether it be a do-it-yourself project or you employ the help of a tax advisor, there will be a great deal of documents on your plate. Instead of having one huge pile of unorganized paper, take the time to sort through everything and put it into categories. Once you’ve completed this step, you can move on to the next part:
With any type of organization, whether it be organizing the spices in your kitchen or collecting all the documents you need for filing your taxes, labeling is the number one step. You will want some sort of filing system such as folders or binders where you can organize all the items you need. Some suggestions for labels include:
- Personal information
- Income information
- Adjustments to your income
- Itemized tax deductions
If you really want to break down your organization, you could also make subcategories. For example, in your itemized tax deductions you could make more folders for auto, home, utilities etc.
Nobody wants to save those flimsy slips of paper you receive after every purchase, but we all know that it’s important. Instead of pulling numerous, crumpled receipts out of the bottom of your purse every month, designate a specific folder or drawer. Accordion folders are great for holding receipts, especially since they give you tabs so you can label each separate month. This will come in handy if you ever receive that nasty IRS audit letter in the mail. Having trouble with the IRS? Enlist the help of QualiTax! Our tax professionals can take on the IRS and you’ll barely have to lift a finger. When you receive that audit letter in the mail, send it to us at QualiTax and we will handle the rest! Visit our website for more information on the tax services we offer and learn how we can help you with the IRS. We look forward to hearing from you!