While you don’t have control over the tax rates and fixed expenses, what you do have control over is your part of this process, according to Brenda Prinzavalli (brendaprinzavalli.com) , an organizing strategist and president of Balanced Organizing Solutions, LLC.
“You take control of what you can by getting organized and developing a system.,” Prinzvalli said. “Create a holding place for tax-related information as it is gathered by making files for each category of documentation, both in paper and digital form. Ask your CPA if they have a tax organizer; it will give you categories based on your needs whether business or personal. Once you have the holding place ready for the task of sorting, gather statements, invoices, receipts and any document that is proof of a financial transaction and put them in the corresponding file location. This process might include downloading files from an online account, requesting duplicate copies of transactions from vendors and sorting through stacks of last year’s paperwork. It is a good idea to scan bank and credit card statements to account for any applicable transactions and then to rescue any missing receipts. As you go through this process, it is an excellent time to develop a system for the coming year. You will double your efforts if you make two sets the paper and digital file; one for the tax year you are now gathering and one for the upcoming year. It is a bonus as you now have a file system set up for the current year and when it comes tax time again; you are prepared, organized and less stressed.”
Brenda Prinzavalli is an organizer, author, consultant, speaker, Las Vegas’ FOX 5 TV Organization Editor, and founder of Balanced Organizing Solutions. It is a unique organizing business that perfectly marries her professional expertise as an educator and problem-solver with a personal commitment to helping others create a simplified, organized life.