It's Tax Time - Do you know where your papers are?

No one looks forward to tax time, but here are a few ways to make it easier to file this year and the years to follow.

If you have used the “everything in a shoebox method” up until now, you are not alone! In order to organize everything for this year gather three plastic bins and label them Income, Expenses and deductions, and Investments. Then you can categorize each tax-related piece of paper you have, from receipts to IRS letters to W2s. By using plastic bins you can easily put a lid on them and clear the table when you need it for something else.

Don’t wait until next year’s tax time rolls around to start thinking about your 2009 taxes. Start keeping all of your tax related receipts together. Maintain an envelope in your purse or a section in your wallet to hold tax-related receipts. Pull these receipts once a week and file them. Have a folder for each tax category. If you are unsure about which categories to use, refer to your last tax return. If you itemize your deductions, you will see which categories to copy. Duplicate these within your filing system. Next year you will simply total each category to determine the sum for each individual deduction.

If you want to go a step further and really simplify your tax process, put your finances into a computer bookkeeping program. Set aside the same time each week to update this program and keep track of your personal finances. This will also help those of you who have trouble keeping up with your bills or who are trying to stay within a budget.
How long do you have to keep your records? Ordinarily that’s three years from the due date for the return, including extensions, to assess any additional tax. But a return can be audited for six years if the IRS suspects the taxpayer has neglected to report substantial income. If fraud is suspected, there is no time limit. Keep a folder labeled for each tax year which includes your returns as well as any supporting documentation.

For a complete checklist of what papers to keep, please visit our Tax Records page on our website.

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Get Organized for the New Year!

Did you know that getting organized is one of 2009's top three New Year's resolutions?

I appeared live on Fox 25 News this week to provide some great tips to help you get organized in the New Year. Click here to watch the clip



If you'd like some more details, please click here to read some of the organizing solutions that were highlighted.

With over ten years experience and hundreds of happily organized clients, we have the skills and knowledge to help you get organized in 2009!

Get Organized in the New Year!

Did you know that getting organized is one of 2009's top three New Year's resolutions?

I will be appearing on Fox 25 News on Tuesday, January 6th at 8:45am to provide some simple steps to help you get organized in the New Year.

Here are the tips I will be highlighting:

Start with the obvious. The simplest way to begin is to do sweep of your house with a recycling bin and garbage bag and collect the obvious trash, such as expired coupons, holiday catalogs, magazines, old newspapers, and paid bills not needed for tax purposes. This is an easy task that will give you an immediate sense of accomplishment and motivate you to do more.

Identify your clutter hot-spots. You can't hide it all, but you can contain it. Look at where clutter collects and set up attractive ways to organize it. Like placing a decorative bowl on the counter for keys, or a nice basket by the front door for shoes.

Set small goals and stay focused. If you are feeling overwhelmed with a project, break things down into mini de-cluttering sessions. Stay focused on that one project until it is complete. And reward your accomplishments, no matter how small they may seem. You're moving in the right direction and that's what's important.

Sort items into categories and store like-items together. Again start with the obvious, collect all the pens and put them into a desk drawer, get all the toys into the playroom. Choose broad categories to get started and work your way up to the more complicated ones.

Make a home for everything. Clutter usually accumulates because items have no home. Assign a specific home to frequently used items. For example, scissors go into a certain kitchen drawer. Make sure everyone in your family knows where that home is and you'll never have to search for those scissors again.

Find an excuse to let it go. If you're feeling guilty about getting rid of things, then do something good with them. Make some money by selling your items online or through consignment. Or donate them to your favorite charity and take a tax deduction.

Have a Happy and Organized New Year!