Tuesday, February 21, 2012

Perfectly Practical #99 - Tax Tips

I know.  It's not fun to pay taxes but it really doesn't have to be as stressful as people make it out to be as long as you do a little prep work.

Tip #1:  Mark Your Receipts
As you purchase items, put a dot or check or something indicating that you will need that receipt come tax time. 

Tip #2:  File Your Receipts
Throughout the year, if you file your receipts regularly most of the work will be done for you when it comes time to gather everything together.  I would recommend filing them at the end of each day or the end of the week and not letting them pile up.  We collect all of our receipts in an envelope with the month and year marked on it.  When a new month comes around, we have a new envelope to fill.

Tip #3:  Start the Process Early
The earlier you get things together and file your taxes, the sooner you know whether you need to start saving for a payment or anticipate a refund.

This is part of Works for Me Wednesday.

2 comments:

  1. We keep everything in one envelope until the end of the year, but we definitely need to start marking our receipts so we don't have to figure out later why they are in the envelope. I finished our taxes before January even ended this year!

    ReplyDelete

Your turn! Let me know what perfectly practical comments you have.

Related Posts with Thumbnails