If you are anything like me, you might struggle (a little) when it comes to taxes each year. I always feel unorganized no matter what I do. This past year when New Year’s Day rolled around, I spent time watching DIY shows and developing a system to get organized for taxes. Here are some tips that worked for me.
1. Know your deductions.
This is key to figuring out at the beginning of the year so you know what you can expense as part of your business and what is not deductible. Knowing my deductions has been crucial to my success during the year.
2. Designate a space.
If you haven’t already done this, do it right now. Absolutely everything that has to do with money and taxes should be filed away.
3. Do a monthly check.
We talk to our accountant every quarter and she encouraged that we do a monthly check. I make certain that we are right where we should be with regards to paying quarterly taxes and more.
We also save in an HSA so I check that monthly to make certain we are spending it as needed and that we don’t have a huge amount left at the end of each year.
4. Invest as much as you can.
Those IRA’s that you can put money in every year…are you doing that? We just recently started taking the maximum deductions that we can each year but putting money into retirement account.
5. Gather statements each month, check and file for taxes.
Each month I grab my bank statements plus all other statements and highlight deductible expenses which includes:
While doing all of these things above certainly does not completely prepare me to have my taxes done, I have to tell you that it really does make everything much simpler. It took me less than 20 minutes to gather everything that I needed to have our taxes filed.
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We all know that tax preparation is not one-size-fits-all. For some of us, taxes are not a one-day-a-year event and if I waited until once a year to work on taxes, I could be losing out on valuable deductions.
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These are really great tips. I tend not to think about taxes until the last minute. I need to change that.
I am married to an accountant and keeping up with your taxes all year long can definitely save a headache come tax time.
These are great tips. I am sure this would alleviate some of the stress at tax time.
I keep a running sheet of all expenses, dates and amounts so it’s saved up and ready to go at the end of the year. Before that, I used to have to complile things for hours!
These are great tips. I try to keep everything together in one tax box and I collect all the things I need as I go.
T axes are the biggest pain in the behind especially for bloggers, LOL. Great tips. Thankfully Rob does taxes so I don’t have to worry about them.
Taxes are really a pain in the rear. One of my goals is to be more organized this year. YOu have some really great tips!
We recently had our taxes done and my accountant was impressed with my records and receipts. Everything is much easier if you keep up with it throughout the entire year.
We are all about investing! My husband usually takes care of our taxes but this year we are having them done for us.
I suck at taxes, these are all great tips!! I will definitely be using them in the future!!
These are great tips! I’m so terrible at this, and then every year I kick myself as I have to sort through everything and find it all. This year I WILL be better. Though I’m off to a poor start. blah. lol
I am thinking the same thing. After this tax season, I would love to be more organized.
I am so lucky that my dad does my taxes for me. I try to have everything prepared ahead of time for him with spreadsheets and such.
This time of year can be so stressful that is why I try my best to stay on top of it all year. I have made a habit of always watching my finances to know where the money goes.
These are all great tips for year round tax prep and planning. I love the idea of doing month checks and using Block Advisors is also an amazing idea. Thanks for sharing the tips.
Great tips. This year I added a trip app for mileage too. I learn something new each year that saves time when it comes to taxes
Thanks for the great tax tips.
I agree that it is important to invest in retirement as much as you can!
Thanks for sharing these tips! Because I am self employed I sometimes struggle with tracking everything. I realized after filing my return that I forgot to write off some very important business expenses!! Yikes!
Tax season can be extremely stressful and ‘taxing’! (Excuse the pun!) It’s always a good idea to be prepared. These tips keep you from going insane the week before filing!
We have an actual tax file that we stick receipts, forms and other papers in throughout the entire year. I think it’s always easier to edit thru the papers than have to go on a search for them at tax time!
I suck at keeping organized. Every year I say I’m going to stay ahead but then everything winds up in a box. I’m going to get Jan and Feb done and get on track- thanks for this reminder!
Thank you for these tips. Filing this year was such a headache. Next year I am going to be prepared!
We did ou taxes a couple of weeks ago and I am glad it is done. These are great tips and very helpful!
I needed those tips! I try to get organized but love those tips!
Yuck! Each year I tell myself I’m going to get my tax stuff in order and then I do a great job in January – March and it all goes away!
Great tips! Sometimes I hate and sometimes I love tax time. I’m lucky that I have a good friend as well as my mother in law that went to school for accounting. They can always help us out when we need it.
I always let others do my taxes, which isn’t all so smart, I know. I love your tips, gonna really try to follow them!
I always try to stay organized so tax time isn’t so painful. I do all of our taxes so I know how important it is to keep track of everything.
For me, taxes are like the flu shot, you have to do it, you don’t want to so you put it off until the very last minute! LOL 🙂