The newsletter this month is information from the winter newsletter issue of the NAPO southeast MIchigan Chapter, to which I belong. Credits are listed at the bottom of the page. Feel free to visit the chapter website at napomichigan.com
Are you ready for the 5th Season?
That would be "Tax Season," the season during which we accumulate paper. If you weren't vigilant about organizing your tax-related documents in 2008, there is still time to prevent an April 14th "taxathon."
Many tax related documents arrive in January. Begin now by giving all your tax-related papers a home. One of the simplest systems is to set up a hanging file (make it a pocket file if you have a lot of documentation) and labeling some manila folders:
- Donations:for receipts from any charity you donated to, church offering, Salvation Army receipts, PTA memberships, etc.
- Income: W-2s, 1099s, bank interest, other income receipts
- Tax Credits: receipts for any tax credit you are eligible to take - child care credit for example
- Property-related: receipts for your mortgage interest, property taxes, etc.
You may have additional categories like Medical, Work Expenses (uniform costs, non-reimbursed work expenses) or Investments depending on your situation, but the above work for most people.
Add the January receipts as you receive them and then, between now and April, spend some time each week finding the other receipts and filing them. Whether you use an accountant or do taxes yourself, you will save money and stress by finding and organizing your papers before you need them.
Newsletter produced by:
National Association of Professional Organizers Southeast Michigan Chapter Newsletter Committee:
Editor: Cynthia Gentit Eat That Elephant! LLC
Newsletter Advisors: Deb Stanley Red Letter Day and Betty Huotari Logical Placement LLC