Getting Ready For Tax Time

Ok ladies, now is the time to ensure that all of your financial "ducks" are in a row. All of your tax documents should be sent out to you by January 31st. If you are expecting a refund from the IRS now is the time to get them done! If you need to pay some taxes, get them done soon so you aren't running around like a chicken with your head cut off come April 15th. You don't need to send them out, just get them done. This is also a perfect time to get your files organized for 2011. When tax time comes next year all of your documents will be right at your fingertips. No more digging through piles and piles of receipts.

Here is a quick look at how I keep our files organized. It isn't magical, just very simple and easy for me to keep track of.

File Box kept in mail sorting area

Any tax document, receipt, donation slip, or invoice that comes in through-out the year goes directly into the upstairs file box (kept right next to where I sort mail.) I handle it once and its filed. Two weeks from now, when I am sure we have received everything, I will take an evening or two and "do my taxes." If you use an accountant, just hand them your files and they will have everything they need. Do it sooner than later you will thank me, I promise!

Do you have any great tips for getting your taxes done without pulling your hair out?