Thursday, February 12, 2015

Tax Season

It seems to creep up on us every year, tax season.  As members of The United States we are subjected to yearly federal income taxes.  It should come to no surprise, since it happens every year, at the same time, but I always find myself somewhat rushed and unprepared when all of the forms start appearing in our mailboxes.

I am clearly a Type A personality.  I love to be organized and have everything together.  Unfortunately, being a Wife, Mom of 3, and Working Woman with two jobs, I often have to slack on some of my organizational ways!  Here are some tips that we use in our house to make tax season a lot less painful.

1.  Have a dedicated folder or envelope for all of your tax items.
2.  Throughout the year, when you make any donations, purchase items for a home office, receipts from professional organizations, etc., put all of those receipts into your folder or envelope. 
3.  As soon as you receive forms in the mail, W2's, 1099's, mortgage documents and more, place them all in your folder or envelope immediately.
4.  I create a spreadsheet of all of the items from the previous year that I will need to gather for this years taxes.
5.  Sometime after the first of February, begin to go through your envelope or folder and using your check list to insure you all of your documents. 
6.  If you are missing any interest documents from your bank or loan company, you may have to go onto their website to print the information.

The next debate is often who is going to do your taxes.  Back when we were first married, I did our own with a computer program.  As the years have progressed and our taxes have become more difficult, we find it best to hand it over to our accountant.  Once we drop our documents off, we usually have our taxes back within a week.  He also automatically files our federal and state taxes for us.  Personally for me, it is a huge relief knowing a professional is doing our taxes and I do not have to worry if I missed something. 

What are some other tips to make tax season less stressful?

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