Tax time - again!

It's tax time - again. Didn't we just do this last year? I need a Daily Money Manager. Oh - wait. I AM a Daily Money Manager!

I don't know about you, but I hate tax time. Thankfully it is a little easier with a little organization. Especially as a business-owner the paperwork can be overwhelming even for the most organized of people.

In order to make my tax season as stress-free as possible (do those words go together? Tax and stress-free?) I attempt simple organization throughout the year.

For one, since receipts can overwhelm me with the business I keep a box on my desk that any business-related receipts can just be thrown into (I can be lazy sometimes) and at the end of the month I scan them and enter them into my tax spreadsheet. That way I can double-check my accounting program (I just use Mint.com - it is online and easy) against the spreadsheet so I make sure I have all of my receipts and don't miss anything. The IRS accepts scanned receipts now, so this is an easy way to store them for the end of the season as well.

I also have my tax files set up by category -
Scanned receipts (in envelopes by month after they are scanned)
Advertising
Utilities
Travel
Health
Donations
Tax paperwork
Other

This way, as I enter everything into TurboTax each file goes in order with the categories they will ask me about.

I store my personal information in the same way - organized by category in the order TurboTax asks for it.

The last helpful thing I use is Itsdeductible.com
This website is where I list all of my donations and it lets me know the value of each item. The great thing - it also imports directly into Turbotax!

Tax season can be a breeze if everything is kept organized throughout the year - and it doesn't have to be time-consuming if you keep it simple.

Organizing Incoming Mail

Hello, all!
I just wanted to share a quick tip with all of you for organizing - I have found it to be EXTREMELY valuable!

To handle incoming mail at the office or at home, create a file box (one that will hold either a few hanging folders or manilla folders - not too large.) This box can sit on the counter or desk and should be located closest to the door and garbage can.

Create files with the following titles:
To Pay
To Act (or To Do)
Pending
To Enter
To Attend
To File
To Read

Then, use the files as follows:

To Pay - all bills and items requiring payment
To Act - Anything that you have to take action on
Pending - anything you are waiting on someone else for (catalog orders waiting to come in, anything you are waiting to talk to someone else about, etc.)
To Enter - anything that needs to be entered (or scanned) into the computer
To Attend - party invitations, meeting announcements, theme park tickets, airline tickets (anything you have to attend - make sure to RSVP and to write it in your calendar before putting it in here)
To File - papers that need to be filed in the filing cabinet (clean this out and file all of them when it gets full)
To Read - magazine articles (rip them out of the magazine,) informational papers, etc.

Also put a bag with your:
checkbook
envelopes
pen
stamps
check register
return address labels calculator

in the front, you can then carry this box to wherever is convenient to pay your bills - and you can always find your things when you need them!


For more information about this system and others feel free to join me for my free discussion groups:
May 1, 5:30pm and May 8, 11:00am at Barnie's Coffee in Lake Mary, FL. For More info go to: http://messies.meetup.com/65

I would love to hear any questions or ideas you all have about organizing as well!
_________________
Suzanna Letchford
Professional Organizer
www.ASpaceThatWorks.com
407-416-6118