• Home
  • Crafts
  • Crochet
    • Crochet Dishcloth Patterns
    • Crochet Headband Patterns
    • Crochet Baby Hat Patterns
    • Crochet Dish Towel Patterns
  • Recipes
    • Best Rice Krispie Treats
    • How To Blanch Hazelnuts
    • Mini Pumpkin Pies with Graham Cracker Crust
  • Lifestyle
    • Travel
    • Blogging Tips
↑

Midwestern Moms

Life Captured

  • Home
  • Crafts
  • Crochet
    • Crochet Dishcloth Patterns
    • Crochet Headband Patterns
    • Crochet Baby Hat Patterns
    • Crochet Dish Towel Patterns
  • Recipes
    • Best Rice Krispie Treats
    • How To Blanch Hazelnuts
    • Mini Pumpkin Pies with Graham Cracker Crust
  • Lifestyle
    • Travel
    • Blogging Tips
You are here: Home / Lifestyle / 5 Tips For Getting Organized For Tax Time

5 Tips For Getting Organized For Tax Time

Lifestyle

This post may contain affiliate links. If you make a purchase through one of these links, I do receive commission. For information, read my full privacy policy. Before reading our posts, please review our disclaimer.

When it comes to tax time, preparation is key.

As December 31st quickly approaches, I have been working on getting together all of our paperwork to end our fiscal year and have everything ready to send to our accountant.

I have created a foolproof system for my husband and I to stay organized throughout the year so that when we start receiving our year-end financial statements, we can simply plug them in and file.

Today, I want to offer some of those tips to help you get organized for tax time in your household.
Tips to Get Organized For Tax Time

How To Get Organized For Tax Time

1. Create a filing system

I picked up a multi-pocket filing folder at the store that has 12 separators (one per month).

Expanding File Folder
Expanding File Folder
Buy from Amazon Learn More
We earn a commission if you click this link and make a purchase at no additional cost to you.

Each month is labeled accordingly and we file all receipts and important statements in the folder as soon as we get them.

This eliminates our need to have to go searching for lost receipts throughout the house or vehicles.

Having everything in one place to begin with eliminates chaos.

2. Maintain a spreadsheet on your computer

You don’t have to get fancy with this, Excel or even a Google Docs Spreadsheet will work.

I create tabs at the bottom with the names of each month.

Since my husband and I are both self-employed, I set up a column for all of our incoming payments, as well as a column for any business-related expenses we incur.

I update this sheet several times a week to ensure that I have good records to match our receipts that we are filing away.

If you work for someone else, your income will be tracked by them and you will be sent forms at the end of the year, however, it is still a good idea to track any expenses that you may be able to deduct and keep a spreadsheet that you can update once a month.

At the end of the year, this sheet is handy to be able to print out and take to your accountant.

3. Research deductions

As new tax laws are put into place each year, study up on what your family will be able to use as deductions.

The time you take to research will assist your accountant in helping you get all the deductions that your family deserves.

Remember that your accountant is not a mind reader and may not be aware of everything that has happened in your life the previous year.

It never hurts to do a little research on your own and communicate with your accountant.

4. Keep previous tax paperwork handy

If you had a different preparer assisting you the previous year, always take at least two years of back tax paperwork with you when you meet with your new accountant or tax preparer.

This helps them see the deductions and depreciations from the previous year and can save you a lot of time and money in the long run.

5. Don’t procrastinate

This tip is easier said than done, right?

When it comes to tax time, however, this is the biggest tip that you can receive.

When you find yourself rushing around to find things, there are a lot of deductions that you might miss.

Being prepared is ultimately the best, and most rewarding, option for your family.

Do you have a tax organization tip that you would like to share? If so, please comment below!

 

Filed Under: Lifestyle

About amanda

Amanda is a work at home mom and owner/editor of Midwestern Moms. She enjoys reading, crafting and finding great new projects on Pinterest!

Leave a Reply Cancel reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Devon from Midwestern Moms

Hi. I'm Devon.

Midwestern mom of two boys. I love recipes, DIYs, crochet, essential oils, and coffee! Read More About Midwestern Moms

Reader's Favorites

  • Crochet Heart Pattern How To Crochet A Heart Plus DIY Heart Garland
  • Delicious Chicken Noodle Dinner - The Perfect Comfort Food! Easy Crock Pot Chicken Noodle Dinner Recipe: Bob Evans Copy Cat
  • How to Blanch Hazelnuts. Hint: It is pretty easy! How To Blanch Hazelnuts
  • Delicious Cajun Chicken Alfredo that is full of flavor and easily made in the slow cooker! Slow Cooker Cajun Chicken Alfredo Recipe
  • The BEST Rice Krispie Treats EVER! This recipe makes your treats into ooey gooey goodness! You will never make the original recipe again! The BEST Rice Krispie Treat Recipe EVER!
As an Amazon Associate, I earn from qualifying purchases.
  • About
  • Disclosure Policy
  • Privacy Policy
  • Recipes
  • Crafts
  • Crochet

Copyright © · Midwestern Moms | Missouri | All Rights Reserved


Midwestern Moms is owned by Copsey Media, LLC
Copyright ©2021, Midwestern Moms. All Rights Reserved. Design by Pixel Me Designs
This site uses cookies: Find out more.