It's Tax Day! However, due to a quirk in the law, the deadline for this year's tax season is actually April 18. So breath easy — you've got a few more days!
Feeling stressed? If the thought of getting your "docs in a row" causes you undue stress each year, it just might be time to think about establishing systems around your process. Here are three ideas so that you can breathe a little bit easier in the years to come:
1. Label a file folder — if you haven't done this already — 2011 Taxes, or feel free to come up with something clever. Be sure to place all receipts, charitable contribution letters, and any other tax related information in the file folder. Empty out your handbag, wallet and pockets on a regular basis, so that you don't miss anything important.
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2. If you need to keep track of your mileage-either for your career, volunteering, or other allowable purpose-place a small box in your car with a notebook, so that you can log your travels. You can use the box for parking receipts as well.
3. Fund your IRAs! Think about saving a little bit each month so that you are able to achieve your retirement goals. There is no minimum amount required, but challenge yourself to contribute the maximum amount if you can: $5,000 per year, if you are under 50 years of age, and 6,000 per year for those 50 and above.
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While many of us may fret about having to "do our taxes," we can reduce our anxiety and frustration by creating simple systems to help complete the task more effectively and efficiently. And while I haven't given up hope on the idea of making tax planning and preparing fun (ideas anyone?), in the interim we can all find one or two ideas that might make the process just a little bit more palatable.