Health & Fitness
Organizing Your Tax Records
Don't Mess Around At Tax Time! Got Tax Filing Nightmares? Organization is key to filing your tax return on time.
The key to being ready to filing your tax return is being organized.
Start by gathering all of your tax forms. That includes your Form W-2s, 1099s, 1098s for mortgage interest, student loan and tuition payments if they apply. If you own a business, make sure you have all bank and credit card statements for 2012.
Second, take your receipts and put them into folders by categories. Label each one appropriately. This is essential if you own a business or rental properties.
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After separating your receipts into categories, total the income and each expense. You can use a program as simple as Quicken or an Excel spreadsheet to do this. You can also use online programs to organize your records like Shoeboxed.com.
Finally, hire a licensed CPA to assist you in preparing your return. They can represent you if you are audited by the IRS.
