Tax Time Preparation Tips from an Avery.Com Article
Organization Time Savers
There’s a reason why tax season is often the most dreaded time of year—on average, we spend 26 hours, 40 minutes just preparing Form 1040 (the form filed by most individual taxpayers), according to the IRS Taxpayer Advocate Service. What’s the key to making tax time easier? Instead of hustling to get organized at the last minute, plan ahead by doing a little organization all year round.
Flag your files, find things fast
One of the easiest ways to get started is referring to your tax records from the previous year! Unless you’ve had significant changes over the year (such as a new purchase, investments or home), your past records can provide a good start on what information you’ll need to gather for the current year. As you create your checklist, flag items included in the previous year’s file with note tabs. That way, you’ll know where to include them as you prepare your taxes .
Organize paperwork in a zip
It’s easy to organize documents with a simple filing system that’s easy to stick to. The three-folder filing system from The Motley Fool® makes it easy to get your paperwork in order in a zip. Use one folder for your income documents, one for your expenses and deductions, and the third for your investments. For more details, see Tax Time Organization—Prepare to File.Create custom labels with Avery File Folder Labels and their eye-catching template in order to identify the right folder at a glance. And with TrueBlock® Technology, the labels completely cover up old labels or markings underneath—so you can reuse your folders year after year and still give them a neat, professional appearance.
Americans spend nine million hours a day looking for lost or misplaced items, according to the American Demographics Society. That’s where Avery PocketTabs™ come in so handy. Use the convenient pocket to store receipts for all your deductible expenses you collect throughout the year.
Use reminders to make sure you stay on track throughout the year by creating recurring reminders with Avery Label Pads to make sure the receipts and statements you’re collecting are to-date (instead of having to hunt for them later). And be sure to include a reminder to make an early appointment to see your tax preparer—before the rush!
