Preparing for tax time can be stressful – but there’s hope!
Plan in advance. If your past system has been to toss all your tax related receipts and statements into a shoe box, it is now time to gather and sort your documentation. This will save you lots of time and stress when you or a professional are actually preparing your taxes.
Record your expenses. If you don’t have an organized way of keeping track of your deductible expenses, you may be missing out on big savings come tax time. Create a list of your expense categories using a simple list, a ledger, or a computer-based system. That way, if you ever were to get audited, all your information will be safely stored in one place.
What about next year? Don’t wait until next year’s tax time rolls around to start thinking about your 2009 taxes. Start using your new, more organized strategy for keeping track of your receipts and expenses now! Staying on top of receipts and expenses throughout the year can eliminate tax-prep related stress.