Friday, January 14, 2011

Tips to get organized this tax season

Tax season is officially here!!!

Are you ready for it?

You have probably started getting your tax documents in the mail. If you haven't they are coming soon.

Here are 5 tips to get you organized and ready to do your taxes.

1) Have a folder to put all your tax documents in, preferably by the place where you sort mail. When it comes time to do your taxes the important documents that you've just gotten in the mail are all together and at your fingertips.

2) Look at last years tax return. If you think your ready to do your tax return just look at last years tax return to see if you might be missing documents that you had last year.

3) Fill out your personal tax organizer from your tax preparer or click here to download a free one.

4) Gather all your receipts that you have been saving throughout the year then go through bank and credit card statements to see what items might qualify for tax deductions. If you aren't familiar with what might qualify for deductions do some research online or seek professional help. If you find a good tax preparer they will pay for themselves by finding you deductions you would have missed.

5) Always keep records for carryovers such as capital gain losses, stocks you have bought (you will need to keep these records for the basis when you sell these stocks), net operating loss carryovers, depreciable assets and when they were placed in service, etc.

I hope these tips helped to get you organized for tax season. It pays to be organized...especially when it comes to tax time.

Want to find out more me...check out my website

Sheridan Tax & Services, LLC

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