TRANSFORMING COMBAT ZONES INTO COMFORT ZONES
MARCH 2011

Greetings! 

 

The tax filing deadline is less than one month away and there are still many people who have yet to tackle this task.  According to an H&R Block study, those who procrastinate and wait until the last minute to do their taxes end up making mistakes which costs an average of $400 per taxpayer.  One of the reasons for procrastinating is that there isn't an organized system in place for managing all of the information that needs to be collected and reviewed. 

  

The benefits of having all your tax documents organized include:

  1.  Less stress even if you wait until early April to start the process.
  2. Less likely to make mistakes that will cost you money if your information has been maintained in an orderly manner throughout the year.
  3. Save money by avoiding additional charges from your tax preparer for sorting your box/bag full of receipts.
  4. Ability to quickly find supporting documentation to address your tax preparer's questions.
  5. Get your taxes done early, focus on things you like to do and figure out how to spend the refund.

 

Here are some tips for managing your paperwork in preparation for tax time:   

  1.  Set up a system now for collecting the paperwork that will be needed for filing 2011 taxes.
  2.  Collect receipts in plastic envelopes instead of boxes and sort/file them at the end of each month. 
  3. Include a notation identifying the reason for the expenditure on each receipt prior to depositing it in the plastic envelopes.
  4. Highlight tax related expenditures on credit card statements.
  5. Reduce the amount of physical space needed to store financial paperwork by scanning receipts, filing them on your computer and discarding the originals.  (The IRS will accept scanned copies.) 
  6. Use accordion folders or clearly labeled folders in your file cabinet for storing all tax related documentation. 
  7. File paperwork at regularly scheduled intervals either on a weekly or monthly basis.
  8. Review retention guidelines with your tax preparer. 
  9. Designate an area for storing the required number of prior year's tax filing information that is accessible but not in your prime working or living area.
  10. Maintain a list of questions that will need to be addressed at tax prep time and keep it with your tax paperwork.

 

 

The good news is that if you haven't filed your taxes yet, there is still over 3 weeks to do so.  If you need some tips for getting your paperwork in order during this crunch time, please e-mail or call me at 917-375-0631 .

 

Have a productive month!
Stephanie Shalofsky
The Organizing Zone
Stephanie@theorganizingzone.com
917-375-0631
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Gift Certificates:

A gift certificate from The Organizing Zone is the perfect gift for that family member or friend who needs help setting up a system for managing their tax paperwork.  You will be giving the gift of increased productivity and peace of mind that will be much appreciated come next tax season.  For more information, please reach
out to me via e-mail or call me

at 917-375-0631.

"Setting goals is the first step in turning the invisible into the visible."
          -Tony Robbins