Tax season is here! You have all your receipts and reports at your fingertips, and you are ready to head out to the tax preparer. Maybe you file your own taxes using a reputable software. Whatever method you employ, organization is key to the timeliness and accuracy of tax filing. Have you been in the middle of filing, only to discover that you are missing one critical document? So, you pause and try to hunt down the missing paperwork. As frustrating as that may sound, it is essential to have all the complete paperwork available to avoid any issues with the governing authorities. We can never be over prepared. Having said that, we have put together a list of items that can help you stay organized and save you precious time.
- Accordion File: I subscribe to the old fashioned way of printing everything out. Print copies allow me to glance at my paperwork without clicking through multiple windows on my computer. It helps to keep all the paperwork organized and in one place, which is why I cannot do without my accordion files. I have one for personal files and another for business documents. Examples of categories include: Utilities, Rent, Bank Statements, Receipts, Invoices, Medical Expenditure, 1099s, etc.
- Flash Drive: If you prefer to store records electronically, you may want to invest in a flash drive. This portable external drive allows you to store backup files, in the uneventful loss of data on a computer.
- A Reliable Calculator: The calculator feature on our phones are a blessing until you have to make or take an important phone call while multi-tasking. As a bookkeeper, I prefer the Casio HR-170RC Plus – Mini Desktop Printing Calculator that allows me to retrace and correct any steps, but you may purchase any one of your choosing. A simple calculator would do just fine too.
- Highlighters: To mark important text or numbers on a lengthy/wordy document. Highlighting important information will save you time when you need to input data into a tax filing software.
- Magnifying Glass: For those 1099s and documents with small fine print.