April 15 is almost here. Are those of you in the U.S. ready to file your income taxes? If not, break out that shoebox full of receipts, because Uncle Sam is waiting. The following are suggestions for ways you can get organized for tax time, relatively painlessly.
Gather up obvious tax documents
I half-jokingly mentioned the shoebox previously because having all of your documents in one place is extremely convenient. Before you sit down to work out your taxes, gather all your relevant tax documents into a folder or bin labeled for “Income taxes.” In addition to your employer-issued forms, don’t forget to print or otherwise assemble any deduction documents you’re going to need. (Go ahead and start a folder now for next year, as your future-self will thank you.) It’s so much easier than fishing around for that one piece of paper you need but just can’t find or, worse yet, having to request a duplicate copy from your employer or contract work site.
They’re easy to forget, so take extra effort to find your end-of-year statements regarding contributions you made to a 401(k), Traditional IRA, Roth IRA, and/or SEP. Have these numbers quickly accessible, too.
Recall the previous year’s experience
Take the time to write down answers to the questions you’ll likely be asked by an accountant or on a tax form, like did you make any charitable donations or perform energy-saving improvements to your home? Is there a home office you can take into consideration? Did you pay for any child care? Again, the 10 minutes you take to do this now will be a big time-saver later.
Schedule a couple hours between now and Friday to DO IT
You’ve procrastinated long enough. Give yourself two or three hours to sit down and take care of this responsibility. The IRS help lines are swarmed this time of year, but if you really get stuck give them a call or set up an appointment with a major tax preparer (if you can somehow get an appointment). Friday is the big day, so do what you need to do right away.
Good luck, and don’t spend that refund all in one place.