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Frugal Idea #4

Frugal Idea #4

It’s tax season! I am by no means a tax professional, but I have learned over the years that you need to remain highly organized to not only maximize your tax return, but to reduce your stress level and meet all deadlines. I recently have dedicated one space in my apartment to file away all documents from last year and all new documents needed for this year. I’ve learned that I work well with boxes (tip: you can purchase affordable boxes at Daiso for $1.50!). Choose a size that can fit receipts and choose another box or binder for all letter size documents. For donations I have made online to a Non Profit, I created an email folder listed as “Donations”. I would move all e-mail receipts to this folder for easy tracking and printing. If you dislike clutter, take advantage of online services such as obtaining W-2 forms through your employer vs. paper statements, credit card statements to search for donations if you missed a receipt, and Excel spreadsheets to track mileage for your charitable events, etc. I linked a website of what to bring to your appointment if you choose to go to a Tax Professional. P.S. If you are receiving a tax refund, I challenge you to save 20% of it and put another 20% to debt (yes, that includes your student loans).  If you plan on making a large purchase and it requires all of your tax refund, can you wait another pay period? If you can save 100% of it, BRAVO!

http://blogs.hrblock.com/2013/02/04/tax-document-checklist-what-do-i-need-to-bring-to-my-tax-appointment/

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