Can you believe it’s already tax time? No one wants to spend their weekend thinking about it but it has to be done; no sense it putting it off! Before you sit down at the computer to crank out the digits, you may want to think about getting organized. Organizing receipts for taxes sounds like a booooring task, but trust me – organization is the name of the game! Some of us have fairly straightforward taxes, but for some of us it can get a bit complex. Owning a business or more than one home can add to the complexity and finding the best way to organize tax receipts may be your sanity savior.
How to Get Organized This Tax Season
- Understand your receipts. Translation: you do NOT have to save all of them. What do need to save are receipts for purchases to back up deductions and other entries on your tax return.
- Start early. Organizing tax receipts should happen on a weekly if not daily basis. Get in the habit of filing away important receipts and tax documents rather than letting it all pile up.
- Develop a filing system with categories that make sense to you. For example: major purchases, medical receipts, child care costs and donations, just to name a few.
- When in doubt, try an app! Going paperless is easier than ever – here’s a few apps that just might work for you: lemon.com, doxo.com or iXpenseIt
Whatever you decide, organizing receipts for taxes can only help you get through the tax process more easily and accurately. What are your systems for the best way to organize tax receipts?
