Prepare NOW for next year by getting organized!
Set up an all-year round file system -
Designate a box, accordion file, or a file cabinet for year-round paper storage and retrieval. Create a folder that is simply labeled TAX. As you acquire any tax related documents or receipts, place them in this folder. This is beneficial not only for tax time but for when you have to retrieve certain papers throughout the year. Non-tax related papers can be filed in bulk by either month or category. Keep it simple so you will stay on top of maintaining it all year.
Give your tax-related papers a home -
Every January, our mailboxes become flooded with documents necessary for filing your taxes. Add these to your TAX folder so that all of your tax related papers are in one location. Examples of these are:
• W2's
• 1099's
• Mortgage interest statements
• Bank interest statements
• Real estate tax statements
• Investment statements
• Receipts for charitable donations
Sort and create categories for your papers/receipts -
By early February you should have received all paperwork necessary to complete your taxes. Take that folder of collected papers and sort them by category. This process will enable you or your tax preparer to quickly locate your papers and receipts. Some basic categories are:
• Income
• Deductible Expenses
• Medical
• Childcare/Education
• Investments
Save your tax preparer aggravation by throwing away the envelopes that your statements came in and tear off the perforated edges from your income statements. Group the documents into the categories you have created and paper clip them together. Place all of these papers in a folder or large envelope.
Call your tax preparer early -
If you're using a tax preparer, call in January to schedule a mid to late February tax appointment. Doing these forces you to organize and compile all the necessary information by that date. Accountants get very busy as April 15th approaches.
Being organized at tax time will give you greater control over the tax preparation process. Instead of feeling overwhelmed, you will feel a sense of calm and accomplishment. Instead of frantically searching for documents you will be able to produce them at a moment’s notice.
The sooner you get organized for tax time the sooner you will get your refund. Why let the government hang on to YOUR MONEY?
Thursday, March 18, 2010
Tuesday, March 2, 2010
National Procrastination Week
March 1st-March 7th is National Procrastination Week.
Why We Procrastinate
Why do we fall into the procrastination trap time after time? Because procrastination becomes a way of dealing with the emotions and physical symptoms that accompany depression. It may bring some temporary relief, but we eventually wake up the following day and find that no one has done our work for us. Or it may be as simple as avoiding tasks that are just no fun. Either way...recognizing this is your first step to becoming a less procrastinating you.
Time Management Tips to Beat Procrastination
One of the most important things you an do for yourself is to get organized. Make lists, take a class in organization, or purchase an organizer. Do whatever works for you. Start out slow and use simple measures. If your organization system is too complicated, it will become just another task to avoid. Here are a few tips to get you on your way
•Make a list of what needs to get done. This list doesn't have to be in any order.
•Prioritize your list items. First by deadlines or due dates and then attack the one's you like the least. Saving the best for last.
•Use a calendar or planner. Schedule yourself the time to do the tasks. A good rule of thumb is to schedule yourself 1 1/2 the time you think you need. You will always find something else to fill the time if you finish early and you will reduce the stress if you are running out of time.
•Take larger tasks and break them down into smaller manageable tasks and schedule them. Be careful not to overbook or double book yourself
•Reward yourself for completing tasks within the scheduled time. I don't mean...go out and buy a new car...but maybe a nice hot bath, an ice cream or just free time to relax.
Why We Procrastinate
Why do we fall into the procrastination trap time after time? Because procrastination becomes a way of dealing with the emotions and physical symptoms that accompany depression. It may bring some temporary relief, but we eventually wake up the following day and find that no one has done our work for us. Or it may be as simple as avoiding tasks that are just no fun. Either way...recognizing this is your first step to becoming a less procrastinating you.
Time Management Tips to Beat Procrastination
One of the most important things you an do for yourself is to get organized. Make lists, take a class in organization, or purchase an organizer. Do whatever works for you. Start out slow and use simple measures. If your organization system is too complicated, it will become just another task to avoid. Here are a few tips to get you on your way
•Make a list of what needs to get done. This list doesn't have to be in any order.
•Prioritize your list items. First by deadlines or due dates and then attack the one's you like the least. Saving the best for last.
•Use a calendar or planner. Schedule yourself the time to do the tasks. A good rule of thumb is to schedule yourself 1 1/2 the time you think you need. You will always find something else to fill the time if you finish early and you will reduce the stress if you are running out of time.
•Take larger tasks and break them down into smaller manageable tasks and schedule them. Be careful not to overbook or double book yourself
•Reward yourself for completing tasks within the scheduled time. I don't mean...go out and buy a new car...but maybe a nice hot bath, an ice cream or just free time to relax.
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