Search Results for: taxes

Last-Minute Holiday Preparations List

With Christmas just a few days away, many of us are rushing to make last-minute preparations. While it’s unlikely we’ll forget to purchase wrapping paper, there are other tasks that may fall through the cracks. To mitigate this potential problem, we’ve created the following list of overlooked holiday to-do’s.

  • Surprise Guests: Purchase a few extra gift cards or bottles of wine for unexpected holiday guests
  • Holiday Tips: Prepare and deliver your holiday gratuities/gifts for service personnel (baby sitters, maids, teachers, postal service person, etc.)
  • Stockings: Buy stocking stuffers
  • Thanks: Purchase thank-you cards for holiday gifts received
  • Overnight Guests: Clean and prepare your home for out-of-town guests, you can get a maid, you can Hire from Savoir Vivre
  • Charity: Send all charitable donations before the end of the year for inclusion in 2012 taxes
  • New Years Eve: Make reservations for NYE events or meals
  • Batteries: Purchase a few packs of batteries in varying sizes
  • Groceries: Review your holiday meal menus and determine what still needs to be gotten off of the grocery list
  • Receipts: Organize all holiday gift purchase receipts before the gift-exchange in case someone needs to return something. A new app called Topanga is also a great tool for keeping track of your holiday (and other) purchase information, returns, price details, coordinating products, and warranties.
We also encourage you to check out our downloadable and printable Holiday Planner eBook for more tips of preparing for the holidays in an organized fashion. The ebook is available for purchase ($2.99) via Lulu.com:  http://www.lulu.com/spotlight/HolidayPlanner

We wish you a very happy and organized holiday season!

TWOW

Paper Clutter Strategies & Maintenance

Paper clutter is typically the most common issue we see in organizing consultations. Between personal information, mail, work documents, and other incoming paper the stacks can quickly become overwhelming. We’ve devised a couple of simple strategies for reducing the amount of paper coming in and living in your home.

Junk Mail: Eliminate junk mail from ever making its way into your home by enlisting a service, such as 41pounds.org. The service takes your name off of junk mail lists and can even minimize catalog delivery.

Mail System: We have discussed in previous posts, the handiness of maintaining a mail processing system. Get a basic file folder container and insert 3 files. The first can be labeled ‘Action Needed’ for important items that need service soon. The second is labeled ‘Upcoming’ and should contain items that may need handling in the coming weeks. The third is ‘Interest’ which may contain coupons or information received for things you may want to consider in the future. Each week, select a day to evaluate the contents of the files and move, file, or trash items as necessary.

Business Cards: Business cards are a big problem for many professionals. The contact information is important, but the storage or entry can be a pain. Try an app such as ScanBizCards which uses OCR technology to digitize the information from a photo taken of any card.

Digital Docs: For more traditional business documents, consider using an online doc development and storage suite, such as Google Docs. Anything you produce or need will be stored online for easy access and updating.

Personal Docs: A simple trick for keeping personal documents under control is to immediately upon opening, shred or trash anything that is not necessary to keep. When deciding what to keep and what to shred, consider if the document could be obtained easily online if needed. Utility, credit card, and even medical bills are all stored online and thus physical copies are rarely needed.

Paperless Billing: Take advantage of online billpay, paperless statements, and email communications as much as possible to further curb paper in your home.

Tax Docs: For documents pertaining to taxes, use a well-labeled storage system, such as the ones recommended here. Only save items in category labeled folders for the first year and then move everything into a single folder labeled by the year following your tax filing. All tax documents can be shredded or trashed after 7 years, but for a list of what to keep and what to toss, check out Suze Orman’s recommendations.

Upside Down Sorting: When attempting a paper sort, flip the pile upside down to start with the oldest, and likely most unnecessary, documents first.

To File or Not to File: Before filing something, ask yourself when was the last time you accessed something similar from the filing cabinet. If the answer is never, you probably don’t need to file it.

We know that paper can be a hassle, but if you stay on top of it soon after it enters your home it will never become unmanageable.

Good Luck!
TWOW

Organizing for Tax Season

Tax season can be daunting. While the Well-Organized Woman can’t make your filings any less complicated or get you more money back, we can bring some organization to the process. Follow our tips and this year’s tax season will be a breeze.

Record Keeping & Organization:

The best thing you can do to prepare for tax season is to keep organized throughout the year. There are two methods of document storage, low-tech and high-tech. For the low-tech person, who likes to keep physical copies of all records, there are many storage options. Typical hanging files, document storage boxes, and accordion folders work great. Those who are comfortable with technology or are limited in storage space may prefer to utilize a document scanner and digital storage system to store their files. No matter the method, the key to organization is to ensure that all tax-related documents are stored in categorized files. This will help you or your tax preparation professional easily fill out the forms and identify all possible deductions. Check out some of our favorite storage options below.

Low Tech Storage Options:

Plastic Document Storage Boxes

Locking Steel Security File Box

Expanding Accordion File Folder

High Tech Storage Options:

Neat Digital Filing System & Scanner

SentrySafe Fire-safe, Waterproof Data Storage Chest

 

 

 

 

Necessary Tax Documents:
This list contains categories of typical documents necessary for filing taxes. These categories can also serve as excellent file labels for document storage.

  • Income: W-2, K-1, 1099-SSA, Retirement distributions (1099-R), trust fund documents, inheritance documents
  • Self Employment: Records of income (1099-MISC) and expenses (vehicle, supplies, home office, utilities, technology, tools, etc.)
  • Investments: 1099-INT, 1099-DIV, and 1099-B forms
  • Healthcare: Medical, dental, and alternative treatment cost receipts, prescription drug costs, healthcare supplies cost receipts, etc.
  • Personal & Family: Alimony forms, proof of jury duty pay, childcare receipts, etc.
  • Education: Student loan interest forms (1098-E), undergraduate textbook receipts, tuition costs (1098-T), etc.
  • Charitable Deductions: Receipts obtained from 501(c)(3) tax-exempt charities
  • Business: Union dues, travel expenses, moving expenses, entertainment, uniform costs, etc.
  • Vehicle: Registration fee receipts, business-related car expenses including gas, insurance, and maintenance, etc.
  • Real Estate: Rental property income, home repair costs, mortgage interest forms (1098)
  • Gambling, Lottery, & Miscellaneous Earnings Documents
  • Casualty, Disaster, and Theft Loss Documents

As always, The Well-Organized Woman team is available to assist in getting you organized for 2011 taxes or to set up a system for managing this year’s documents.

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