Hello, Friends!
810.348.1772
betty@logicalplacement.com • www.LogicalPlacement.com
February 2023 – Tracking Your Taxes Doesn’t Have to Be Taxing
“Where did I put my W-2 or 1099? Did we get our financial year-end statements? YUCK! How come I can’t find anything?” Have these sentences ever come out of your mouth recently? That can only mean one thing: It’s time to tackle your taxes and find those documents.
By following a few steps you’ll be on your way to getting your taxes filed. Here are a few ideas to help you collect the information you need and relieve some stress along the way.
Label two folders, Taxes 2022 and 2023. As documents start to arrive put them in the 2022 folder. I want you to also make a folder for 2023 because this year you are going to get into a better habit of collecting the receipts that you need. How many times have you made a donation and then thrown away the receipt because you didn’t know where to put it for next year’s taxes? It’s so easy to drop a receipt and then it takes the guess work out of it.
Create a tax box. Many people use a banker box. Start to assemble your past history of taxes and place them together. There is nothing more frustrating than going room to room and trying to find paperwork. Plus, doesn’t it make sense to look at last year’s tax return and see what you itemized. That would give you a handy checklist. Most professionals will say to keep 7-10 years of past tax filings.
What documents do I need to file my taxes?
• Social Security documents or Income statements such as W-2s and MISC-1099s.
• Tax forms that report other types of income, such as Schedule K-1 for trusts, partnership and S corporations.
• Tax deduction records.
• Property taxes.
• If you are itemizing – medical receipts and donation receipts.
People always ask me “what documents should I keep?” I tell them that it is a good idea to talk with their CPA or tax professional. Other good sites include www.hrblock.com and www.turbotax.com. Here is a great article that I found https://turbotax.intuit.com/tax-tips/tax-pro/what-documents-do-i-need-to-bring-to-my-tax-preparer/L9MsmLTSq
I wish you good luck in the following weeks and I hope your stress levels don’t get too high.
Follow me on Instagram @logical_placement or find me on Facebook at "Logical Placement Organizing" for weekly organizing tips posted every Friday.
Your local professional organizer,
Betty Huotari
P.S. If you would like to share this email with a friend, please pass it along. If they would like to be added to my list, have them send me an email.
810.348.1772
betty@logicalplacement.com • www.LogicalPlacement.com
February 2023 – Tracking Your Taxes Doesn’t Have to Be Taxing
“Where did I put my W-2 or 1099? Did we get our financial year-end statements? YUCK! How come I can’t find anything?” Have these sentences ever come out of your mouth recently? That can only mean one thing: It’s time to tackle your taxes and find those documents.
By following a few steps you’ll be on your way to getting your taxes filed. Here are a few ideas to help you collect the information you need and relieve some stress along the way.
Label two folders, Taxes 2022 and 2023. As documents start to arrive put them in the 2022 folder. I want you to also make a folder for 2023 because this year you are going to get into a better habit of collecting the receipts that you need. How many times have you made a donation and then thrown away the receipt because you didn’t know where to put it for next year’s taxes? It’s so easy to drop a receipt and then it takes the guess work out of it.
Create a tax box. Many people use a banker box. Start to assemble your past history of taxes and place them together. There is nothing more frustrating than going room to room and trying to find paperwork. Plus, doesn’t it make sense to look at last year’s tax return and see what you itemized. That would give you a handy checklist. Most professionals will say to keep 7-10 years of past tax filings.
What documents do I need to file my taxes?
• Social Security documents or Income statements such as W-2s and MISC-1099s.
• Tax forms that report other types of income, such as Schedule K-1 for trusts, partnership and S corporations.
• Tax deduction records.
• Property taxes.
• If you are itemizing – medical receipts and donation receipts.
People always ask me “what documents should I keep?” I tell them that it is a good idea to talk with their CPA or tax professional. Other good sites include www.hrblock.com and www.turbotax.com. Here is a great article that I found https://turbotax.intuit.com/tax-tips/tax-pro/what-documents-do-i-need-to-bring-to-my-tax-preparer/L9MsmLTSq
I wish you good luck in the following weeks and I hope your stress levels don’t get too high.
Follow me on Instagram @logical_placement or find me on Facebook at "Logical Placement Organizing" for weekly organizing tips posted every Friday.
Your local professional organizer,
Betty Huotari
P.S. If you would like to share this email with a friend, please pass it along. If they would like to be added to my list, have them send me an email.
