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Stay Organized for Tax Season
It’s back-to-school season! Use the cooler temperatures and time away from the kids to get organized. We always like to keep taxes top of mind and have perfected a few organizational tips that help us stay on track. Here are a few tips that we find work for our customers and ourselves:
- Designate a Space: Keep all of your tax documents in one place. A simple file folder with all of the necessary forms will keep you from running around attempting to locate everything come April.
- Label Your Things: Divide your receipts into separate sections, with everything nicely labeled with a system that works for you. Keep childcare expenses separate from medical, or create categories that you find helpful.
- Find Some Time: Don’t let tax season sneak up on you! Carve out some time on your calendar of choice. If it’s an hour per month or 5 minutes a day to stay organized, make sure you keep yourself ahead of the game.
Preventing an Audit
A letter from the IRS is always scary, especially around tax season – but don’t fret! We are here to help you through the process. We have seen audits of every type, and we are here to answer all of your questions.
Here are a fix tax tips to pay attention to that can help you make sure your audit is error-free:
- Charitable Donations: Make sure you have documentation to prove all donations. If you do not have documentation, avoid claiming this on your return.
- Home Office Deductions: After a year of working from home, home office expenses have increased. Home-office expenses are utilized strictly for that purpose. If a room, tv, or computer is used for things other than your job, you may not claim this as a deduction.
- Note All Income: As far as the IRS is concerned, all income is created equal. The money noted on your W-2 is just as significant as funds earned through a side-gig. Claim all money earned.