5 Tools to help you Organize your Taxes
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When you’re at the end of your rope when it comes to tax time, the organization is your best friend. These 5 practical tools will help you organize and keep track of all your taxes documents throughout the year:
- Catch All Folder
- Shoe Box
It’s best to stay organized throughout the year so that you don’t have any last-minute panic at tax time. It is worse than looking for a tax document right before you file taxes or visit the accountant.
Continue reading to find out how easy it can be to keep track of all tax documents throughout the year. There is no need to worry about losing tax documents.
These 5 practical tools will help you organize your taxes:
1. Catch All Folder:
This first tool, although not very high-tech is an effective way of organizing all tax documents.
This is a basic tool that you can keep handy (yes, even the one you get in the mail). Simply place any tax-related documents that you receive into the folder. As the year progresses, all tax-related documents including business receipts or 1098 forms from lenders will be placed into the folder. When it comes to filing your taxes, there is no need for you to search through everything. All the information you need is right there.
You can create a digital copy of the catchall folder.
Take a photo of the documents you want to scan and save them as a file on your computer. This is great for e-filing and keeping your office paperless. To allow e-filing, it is a smart idea to digitize this information. To prevent others from getting to the folder, password-protect it. It is a good idea to back it up on an external hard drive or the cloud, just in case.
The catch-all folder can be especially helpful if you have a professional prepare your taxes. You can organize everything in a matter of minutes. Even if your accountant is busy, you can use the catch-all folder to make it simple to walk into the office to grab all the necessary paperwork to complete your tax return.
2. Shoe Box:
Shoe boxes can be a great way of organizing your documents. Photograph receipts and other documents to organize them.
Shoe boxes also have the advantage of keeping track of your mileage. If you drive for charity or business, mileage can be deducted. It is possible to track your mileage with shoeboxes. This makes it easy to track your vehicle’s tax-deductible driving habits.
You can also use shoeboxes to create expense reports and other easily read-documentation. You can search it to find the information you need.
Evernote is one of the most versatile and useful apps. Evernote is an amazing app that I love!
Evernote makes it simple to keep track of everything that has to do with taxes. You can easily take photographs of receipts or other documents and save them. Images can be tagged with notes. Attach a note to your receipt to describe the person you met and what they discussed. This is a great way for you to keep track of and record all your business expenses.
Evernote lets you highlight items, search for saved information, and even save them. Evernote allows you to add annotations to help make it easier for later. This can be a great way for you to remember important sections of the tax code if you need to reference it later.
You can group several notebooks under the same umbrella. To meet tax requirements different from personal or business, you can create multiple notebooks.
You can also use Evernote to keep track of all tax documents you need. It can be hard to keep track of all the forms that you require. Create a note called Tax Documents and add the name of each tax form you receive or download to your Evernote. Add the URL to your Evernote page if the document is digital. This is a great way for you to make sure you have everything you need to file your taxes!
Dropbox is an excellent tool for sharing files and documents with others. Dropbox lets you keep track of all your documents digitally. Dropbox is an excellent backup solution for documents. Dropbox can be accessed from any device, even your smartphone. You can instantly take photos of receipts with your smartphone by creating a Dropbox folder. The app will add the image to your Dropbox Tax folder. This will allow you to organize tax receipts without needing to keep track of paper.
FreshBooks is an excellent tool to manage your billing system and ensure that everything is for tax time. This amazing tool will help you keep track of what you’ve been paid and what your expenses have been. If you have employees, this tool allows you to manage your hours and other items.
Zen Payroll, Quickbooks, and Xero all offer payroll and accounting software that will help you stay organized throughout the year, even during tax season. These programs can help you keep organized all year, even during tax season.
You may be surprised at how easy it is to organize taxes, regardless of season. Although it won’t make it any easier to pay taxes it can reduce the stress associated with preparation.
How to Pay Your Taxes?
Although organizing your taxes is a good step, you might find yourself short on cash to pay taxes. A payday loan is available to help you pay your taxes on time.
MyPaydayLoan.com provides payday loans to those who are in short-term financial need. To avoid penalties from the IRS for late taxes payments, submit your application online for a short-term loan.