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Monday, February 20, 2012

Tuesday's Terrific Tip--Tax Preparation

Over the weekend I got started on our 2011 taxes.

S was very interested in my completing his taxes because I walked him through a quick way online to see if he would be getting money back and he was.  So then he adopted L's usual mantra of, "Have you finished the taxes yet?"

This seemed like a good week to talk about how to prepare to do your taxes without too much of the crazy scrambling around that can happen in some households.  Again, there are no pictures for the visual learners, sorry.

Right up front in my file cabinet I have a hanging file labeled 'Current Tax Year'.  Throughout the year as receipts come in that I know will be tax deductible I drop them into that file.  Clearly not a lot happens in say July, but if I make a donation to Salvation Army or something like that and I take the time to itemize my donation I can drop the list and the receipt into that folder.

Perhaps we send money to a missionary organization or other charity.  When that receipt comes in again I will drop it in the folder.

At the end of the year, as year end statements and tax documents start to arrive, they have a place that they can quickly be put away, but not forgotten, misplaced or lost.

Is this the most fun or exciting thing to talk about?  Absolutely not.

But you can't escape death or taxes.

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