I’ve come up with an easy strategy to take the pain out of doing our taxes. We have lots of accounts, but doing our taxes is actually relatively easy based on some simple organization techniques.
Replacing all the forms and data with one list makes the process quick and easy. Here’s how I organize our tax work from beginning to end.
Make a Master List. The easiest way to begin organizing for tax preparation is to pull out your return from last year. Look at all the companies, forms and statements that you reported on and make a list.
For each line I list the companies or banks that I’m expecting a statement from. For example:
Adjust the master list. Add new companies and review the list for any companies you no longer have a need to report on. The first year you make the list it takes a little longer. Next year it will be fast, just pull out this year’s list and make adjustments.
I keep a running list of new companies and new strategies that will have tax consequences throughout the year; I can then quickly add them to the list at tax time.
Check off each company. As tax documents start arriving in the mail, check the company off on the list. It’s a quick way to see if you have all the documents needed to file.
Cross check numbers. I print one of the tax transaction spreadsheets from Microsoft Money. Review each form and cross-check the numbers with those on the spreadsheet. This helps to spot errors and get them resolved if needed.
Enter Data. Once I know I have all the forms and all the data is correct, I can quickly enter the information in TaxCut.
You can get my latest articles full of valuable tips and other information delivered directly to your email for free simply by entering your email address below. Your address will never be sold or used for spam and you can unsubscribe at any time.
Advertiser Disclosure: MyDollarPlan.com is an independent, advertising-supported service. The offers that appear on this site are from companies which MyDollarPlan.com receives compensation. This compensation may impact how and where products appear on this site, including, for example. the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. MyDollarPlan.com does not include the entire universe of available financial or credit offers.
Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.