Tax day is coming, tax day is coming! Do you scramble every year to get your documents in order before April 15th? Whether you have an accountant prepare your taxes or do it yourself, with a little bit of preparation you can ease the stress and ensure everything is complete and on time.
If you haven’t already done so, grab a folder or folio to keep everything in one place and label it with the tax year. As your documentation comes in just put it in the folder and you’re good to go. I recommend starting a new folder every January 1st so you can place documents in it as the year goes by, this eliminates hunting down documentation for taxes the following year.
Make a List
Start by reviewing your previous returns and make a list of each type of document used for tax calculations. This will give you a good foundation of items that will be needed each year like W-2’s, interest statements, and childcare receipts. Then revise the list for any changes that occurred during the year. For instance if you added a child, sold your home, or changed jobs.
Need a list to get you started? Grab mine HERE.
Time to File
When you have a comprehensive list attach it to the front of your folder to use as a checklist. Once your list is completed your taxes are ready for preparation. If you have the help of an accountant include your name and contact information to the checklist along with any change notes.
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