Tax Tip Thursday

January 15, 2009

For the next month or so I am going to post weekly tips to make tax time, less taxing. Why Thursday? I was going to do it as a weekend project post, but I want to give you enough time to schedule time on the weekends to work on it. Plus, it sounds cuter than Tax Tip Weekend.

This first exercise you should do right away if you have not already done so. As for future posts, you can do them together or week by week. Whatever works best for you, your schedule and your threshold for working on such a project.

Don’t rush. You have three months from today. Rushing can cause mistakes and you don’t want Mr. IRS Auditor showing up on your door step. However, don’t put it off too long, or save it all for one mad session. And of course, reach out to a professional organizer if you need help!

WEEK 1: Out with the Old, In with the New

The Old

  • Remove all 2008 receipts and documentation from your files.
  • If you already have files set up this should be easy to keep like documents clipped together.
  • If you are more of the “shoe box” filer, gather them up. Go on a search and find mission. Check out the car, the desk, drawers and coat pockets. Gather them all up and put them in one place.
  • If you have time, sort like items together — utilities, medical, mortgage info, etc. If not, make that a project for next week.
  • Put all 2008 info in one area for tax prep. This can be a file, a bin, a box or a basket. As you receive more documentation such as year end statements and W-2’s, put them in there as well.
  • Pull out your 2007 tax return in case you need for reference.

The New

  • Set up files for 2009 receipts and documentation
  • File any 2009 receipts and docs
  • Make a habit of filing on a regular basis. It will make this time of year easier.
  • Do not file mailing envelopes and the all that extra marketing material with paid bills.

Before & After



And now a word from my lawyer….you should consult your tax professional or for any rules and/or tax laws. Atmosphere does not represent itself as a tax professional.

2 Responses to “Tax Tip Thursday”

  1. Mike Harmon Says:

    Great post. I will read your posts frequently. Added you to the RSS reader.

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