I wish you all a happy Earth Day and Good Friday.
My friends over at Get Buttoned Up asked if I would post a blog on tips for organizing your taxes. When they asked 2 weeks ago I thought it was cutting it close to the filing tax deadline but then I thought, “Hey, it is never too early to start planning for next year—in fact we are 3 ½ months into taxes for next year”.
Preparation and good paperwork can mean the difference between paying a chunk of money and receiving a hefty refund check. I know we need to pay our share, but none of us want to pay more tax than we owe.
Tax deductions can save a great deal of money. There are deductions (if you qualify) for medical expenses, charitable donations, union dues, magazine subscriptions related to your employment, travel expenses and on and on.
None of these will do any good if you can’t find the receipts or documentation for these expenses.
One simple and easy way to organize receipts (besides doing it electronically) is to pop receipts in an accordion folder, in the appropriate slot that has been clearly labeled. This is a quote from Buttoned Up because I couldn’t have said it better myself:
“To really make these folders pop, use the DYMO LabelManager 360D-Rechargeable Desktop Label Maker. It’s lightweight, lithium-ion battery powered (rechargeable), with a two-line LCD display. The drop in cartridge makes changing the label easy and fast. Like all DYMO label makers, it is easy to use, with multiple fonts, colors, and label sizes—so your 2011 tax files can be bold and beautiful!” This is a great organizing product.
I personally use this label maker and it is actually fun to pull it out and use. I look around my office to see if there are other things I can label. I have been paid to do this post but everything I have said about the DYMO label maker I know from personal experience because I use it. Start now to get rid of clutter and be ready for tax time 2012 by keeping your receipts organized.
