We are out of tax season! That is unless you have filed for an extension or have corrections to make. If you have completed your taxes completely, what is left to do? Organize.
So you have gotten through another year of taxes, but it was difficult because you did not keep your documents as organized as you should have. Today, we are going to give you some ideas on how to organize your tax documents to fight against worry come tax season next year!
First, grab up all your documents and lay them all on the floor. A table sometimes isn't enough room for the number of papers one has.
Second, have folders that are easy to write on. When you are making your organized system, be concise and thorough. The categories we suggest labeling are listed below.
This includes all of your pay stubs, 1099s, W-2s, interest and dividend statements. As well as any other documentation of pay you have received over the year.
This is where receipts come in handy for business owners, and non business owners. Be sure to hold on to documentation and proof of purchase for items you needed to buy for your team and to keep your business running.
Student Loan Payments:
If you attended college and have student loan payments, organize those well and make a section for them.
Keep all the receipts you receive from doctors, hospitals, and labs.
While these are just a few on the list, make sure these are well organized within the folders you make as well. Don't forget to keep all these separate folders together within a filing system.
While it is up to you to keep your files organized, our professionals at Hoods Tax and Accounting are here for you in and outside of tax season.
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