Tuesday, March 2, 2010
TAX TIME~ ARE YOU READY?
Labels:
General Gabbing
Don't throw anything at me...... I'm going to say it......OUTLOUD....Well, TYPE it outloud......
TAX TIME IS UPON US AGAIN!!! ahhhhhhhhhhhhhhhh!!
In order to try to help me avoid being curled up on the floor in a fetal position sucking my thumb and repeating "I want my mommy" over and over on April 15th, I've already been working on my taxes. Also in hopes of having time to save up the buttload of money I probably will have to pay in again this year. Not that I mind.....not at all..... Just doing our part......no biggie.......Did that sound convincing? Didn't think so..
Sometimes I think I need to move out of California to a more TAX FRIENDLY (is that an oxymoron?) State......
Moving on........
March is here and April 15th is just around the corner. Seems like it was just last month that I was getting all my tax paperwork in for 2008. Time flies when you are having fun I guess.
I thought I would share a few tips that I do around our office that I also use for our personal STUFF.....
Cuz I'm just so organized (NOT) like that....... But remember, this is my mission. To become MISS ORGANIZED.....and my mission is to take you all with me. So the few things I do that are organized I just feel I have to share.
PLEASE DO THE SAME......... SHARE AWAY.......Maybe you already are Miss Organized and we can all learn from you. Or maybe you are like me and striving to be organized and together we can make one organized person.
My Tips:
Use a small file cabinet or a they make plastic file boxes with lids and a handle (I got mine at Office Depot...you can see some HERE which are very handy, don't take up as much room and BONUS.......are fairly inexpensive.
I have a file for each credit card with the last 4 digits of the CC# on it, for each employee. When receipts come in I sort them into the appropriate file.
When the Credit Card statement comes in I am able to go thru the statement and I highlight each item I have receipts for (I ask employees for receipts they didn't turn in) and I attach the receipts to the statement. Sometimes there are allot of receipts so I will use (free) Federal Express clear envelope (that the packing slip slides into) as my "pouch" to hold receipts and I staple that "pouch" to the back of the statement.
I also have 3 files for bills. 1st thru 10th. 10th thru 20th and 20th thru 31st. I put each bill in the appropriate file by it's due date. This way I can easily grab the file with the bills I need to pay instead of sorting through each one.
I have another file that I keep all medical receipts in. Prescriptions, co-pays, etc.
Another file for any donations we make throughout the year.
These are a few things I have off the top of my head if I think of anymore I'll share.
If you need help getting ready for your taxes H&R Block has a "Tax Preparation Checklist" HERE, that you might find helpful.
Do you have any tips of things you do throughout the year for either your business or personal that others (ME) might find helpful?
Lay it on me peeps........ Spill it........Tip away......share your wisdom...
Ok, my dorko self is closing now....
Ciao Bellas~
Subscribe to:
Post Comments (Atom)
Posts
I am more the "shoe box" method (which is murder toward tax time) but Alpha Hubby is all about scanning the receipts once every couple of weeks, and saving to either a disk or file on his computer. Receipts can beoome smeared and unreadable. I like your plan - folders for each item. Much better than the shoebox!
ReplyDeleteIt's folders for each item for us as well. We have our own business too so we are usually the last minute tax people but since our son started college and we have to fill out the lovely FAFSA, we get on top of it asap or else it's just one more headache. I usually do my part to help get things together and then I run and hide as hubby brings out the adding machine!
ReplyDeleteUmmmm, no business here so my tax issue is very simple straight forward and very very easy. Good luck with yours. I'm pulling for you. Try to keep your head above the piles.
ReplyDeleteMy husband is the budget Nazi, and so he does the taxes himself too. We do keep ALL our receipts, and each month when tallying our monthly expenses we notate what category the purchase falls under. We also have a nifty little organizer box for all these categories: fuel, groceries, home improvement, work expenses, school supplies, etc. When it comes to actually doing the taxes though, that's all my husband! He's a genius, and our's are already done!
ReplyDeleteMy "savior" at tax time with our business is QUICKEN. I enter each pack of checks into quicken, click reconcile, plug in the statement balances and reconcile, IF kept up all year hahaha at tax time I just go to reports and print out all expenses and deposits, then add any cash receipts to proper columns and wha la, ready for tax prep person and I have 2, 4 drawer file cabinets to hold all receipts accumulated during the year and things that are used on a daily basis, I found decorative legal sized boxes at target, label the ends and they stack neatly ontop of the file cabinet. In a perfect world this works perfectly but this year I slacked off inputting checks into quicken and it took me 3 full days to do household, ranch and motorsports!! NEVER do I hope to get that behind again! after taxes are completed I buy 4 filing boxes w/lids, transfer all this years stuff into those, label the outside and into storage they go and start on this years. May I add I HATE TAX TIME! ick, yuck, ewe, *&^%%, gross, depressing, frustrating, aggrivating, OK I'm done.
ReplyDeleteBudget Nazi! I love it.
ReplyDeleteI have quickbooks Lanette and I love it. It is a huge help with tax time. With all that I do I also give a lot to the accountant to do. I did our taxes myself for years, until we started our business, now I'm afraid I'd end up in prison..... I'm sure I would make lots and lots of honest mistakes..... way over my head at this point. So I do wht I can to save where I can and then pass it along.
Thanks for the tips. As a small business owner and just running a household, it is always WONDERFUL to get new ideas on how to do things. In fact I think I need to do a post to get some organizational ideas in other areas from you all!
Have a great day!!
Oooo, your last note about getting some organizational ideas is a great one. I need more as I am putting this house together after the huge non-move and I want a place for everything and everything in its place - without it looking like a home no one lives in!! Can't wait.
ReplyDeleteIt was great hearing from you today because I HAVE been curled up in the fetal position (until I ran out of orange milano cookies!)
ReplyDeleteAs I mentioned on my post, having spent a boatload of money on medical expenses last year, and seeing as my six pack of kids have no regard to staying well sometimes, my new approach is to keep my medical file folders in the car. This way when I get the receipts at the doc's office, pharmacy, they will make it to the folder rather than the bottom of the diaper bag. I have a number of other tricks but I'll leave you to chew on that first!
Peace and love :)
Kathy
Momma, been thinking of you!! I have no tips, I say far away from the tax stuff... I think hubby uses a accordian file... I think!!
ReplyDeleteSteph, you are much braver than I, I have never attempted to do our own taxes, like you, I would be stalked by the IRS, St. BD of Equalization, francise tax bd, you name them! Ha I do as far as I can and then turn it over to the pros! love the tip from Kathy with the medical file in the car!!
ReplyDeleteKathy, Went to the dr today with my son. Thought of you and that I needed to bring my medical file today!
ReplyDeleteI've been thinking of you too Deanna! You runner girl! So proud of you!
I don't do them anymore Lanette. Just do the monthly stuff and give it over to the accountant. Though I plan to do my sons taxes for him this year instead of paying the accountant. His is pretty cut and dry.
No business here either. But I do have files that I keep all receipts in.
ReplyDeleteOrganization is the key to anything.
Good luck!
You sound pretty organized to me, Stephanie. We've still got to do our taxes, too. That's "we" as in my husband :)
ReplyDeleteOne good thing about agriculture is taxes are due the end of Feb. which helps one to get organized a bit early!!!! Thanks goodness that is over and done with!!! Happy Filing!!!
ReplyDelete