Tax time is stressful, here is an easy way to organize.
- Make a list of all of the deductions that you take for your business.
- Check with your accountant or financial person to see if you forgot any deductions. These are some of the common categories for deductions: Advertising/Marketing, Cell Phone, Credit Card, Donations, Insurance, Office Expenses, Books/Magazines, Professional Services, Professional Dues, Training/Seminars, Travel, and Taxes. I also include a compartment for Mileage and Income. You may have more or different categories.
- Buy an accordion file folder with the alphabet labeled. You will not use the letters but will instead create labels according to the names of the deductions you have chosen.
- Label them in alphabetical order. It is easier to file receipts this way.
- Place the file folder in a file cabinet next to your desk if possible.
- When it is time to do your taxes, total each category and take the information, along with the back-up receipts, to your accountant.
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Full article http://smartwomanonline.com/feature/2009/05/create-a-system-to-organize-receipts-for-next-years-taxes/
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