Organizing your Records for Tax Time

Good organization is one of the first steps to having a stress-free tax season. For many, the biggest hassle at tax time is often getting all the proper documentation together, including last year’s tax return, W-2 form, 1099s, receipts, and so on. If you’re hoping to have a smooth tax season, consider these helpful tips. Tax Preparation

  • Print out a tax checklist to help you gather all of the proper documents you’ll need to complete your tax return.
  • Group similar documents in the same file folders.
  • Collect receipts that you’ve compiled throughout the year.
  • If you’ve sold stock, be sure to know the price you paid for them or the funds that you have sold. If you’re unsure, call your personal broker before preparing your tax return.
  • Keep all information and forms that come in the mail in the same place. This includes items like W-2s, 1099s, mortgage interest statements, and even student loan documents.

By organizing early, you give yourself plenty of time to complete filing your taxes properly, saving you much needed time, stress, and even money. Proper planning is the key to an easy tax season.  If you’re looking for the very best tax preparation in Honolulu, Hawaii, make Michael J. Yuda, CPA, LLC your first choice!