|It’s getting close to that time of the year again! Yep, we mean tax return season. It’s always a good idea to get started early, so here are a few tips to keep Uncle Sam happy!|
1. Review your data carefully
This means your checkbooks, bank statements, credit card summaries, cash receipts and petty cash book. Keeping these documents secure in a divided folder will allow you to easily see statements at a glance, making calculations easier.
2. Use organizational systems
Got tons of receipts? Use an expanding accordion file. Itemized deductions? Use a divided file that labels categories appropriately—such as charitable donations, medical expenses etc. Business owners will need additional categories to correspond to their company expenses. Once tax returns are complete, store files in a labeled box and place in a secure part of your home.
3. Start early
Once this year’s tax season ends, another one begins. To ensure nothing gets lost and information is correct, start storing and organizing deductible expenses, receipts, bills and more as soon as they come. We suggest dividing them by month and category to make this even easier. Doing a little bit at a time makes this more manageable (and stress-free!).
4. Software is your friend
Tax returns can be challenging, but certain computer programs make them easier. Consider purchasing a financial software package, such as user-friendly Quicken, which allows you to categorize your income, and more efficiently!
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