Out of Chaos an organizing newsletter
Now that the dust has Settled
Now that the dust has settled and everyone has gotten back into the swing of work and school, it’s time to think about taxes. I know they aren’t due until April (unless you are paying estimated taxes, in which case they are due Friday), but it pays to get you ducks in a row now.
For one thing, it is always helpful to sort things by year. Whether you are keeping receipts and files digitally or in paper form, or some of each, you should take a moment to set up new files for 2016 so that you don’t have to waste time separating out current documents from 2015 stuff you need to gather for taxes.
A new year is also an excellent time to pick up the phone or go online and switch any statements or bills that you still receive in paper form to paperless. They should still be organized into files on your computer, but they sure take up a lot less space when they’re digital!
I like to spend an hour early in the year pulling out the receipts that I’ll need for taxes and shredding stuff that I don’t need. It is a beautiful time of year to me, when all the folders are empty awaiting the new year and there’s lots of room in the drawer.
If you still keep check registers, it’s a great practice to start a new one in January so that you can file old ones with your taxes by year and get rid of them at the appropriate time.
I also do a lot of shredding at this time of year. We pull out the taxes from seven years ago and shred all the supporting documents. It’s oddly satisfying, and it creates room for this year’s taxes.
Lastly, if you haven’t already, put all you tax dates into your calendar: Select a date to work on them with your spouse, and schedule your appointment with your tax-preparer. Blocking out time on the calendar will both remind you to sit down and do it and keep you from having to pull an all-nighter like a college student when tax day rolls around.
Seems like boring stuff I know, but better to be on top of it than leave it until April and have it create unnecessary stress.
Why not make this the year that all your i’s are dotted and all your t’s are crossed?