EZINE
| |
 |
|
Professional
Organizer
Donna D. McMillan
|
|
|
|
|
|
|
|
|
|
http://www.organizer4me.com/ezine.htm
TAXES,
TAXES, TAXES
Tax time is a routine part of life every year for business owners
and company employees alike. The deadline for filing annual tax returns
is by April 15th
(gulp). Once that day has passed, we all must begin to prepare for the next
one. There's federal and state
income tax, personal property tax, payroll tax, city business license tax,
sales and use tax, capitol gains tax,
and estate tax. Calendars must be highlighted with reminders of
Due Dates and prior dates to prepare info.
Except for possibly accountants, no one looks
forward to these due dates.
For some people, just the thought of tax day approaching triggers panic.
Here are a few causes of this mind-numbing anxiety:
1. Overwhelmed and don't know where to start organizing deductible
expenses and income records.
2. Routine bookkeeping does not happen during the year.
3. Receipts and documents are in piles instead of files, often in more than one
location.
4. Waited until the last weekend or
last month to gather supporting information.
5. Depressed or in denial about the reality that record-keeping reveals.
Now, we hope to help you avoid the chaos and agony.
CURE
THE PAIN
Here are
10 Hot Tips To Cure The Pain
while preparing for
tax time and find peace of mind.
1. In January, create separate folders for the new
year's income, expenses, investments and bank statements.
2. Set-up a General Tax folder to hold 1099s or W-2s and other pertinent
records.
3. Create appropriate categories for your accounting software or
spreadsheets.
4. Every day, drop your receipts into a folder labeled "To
Input" for bookkeeping records.
5. Every week, schedule a regular time to pay bills, post deposits and
receipts, plus do your filing.
6. Every month, reconcile bank statements and credit card
statements to avoid any errors.
7. At the end of the year, a P&L (profit & loss statement) can be provided to your tax
preparer.
8. Start a special savings account and make weekly deposits in order
to pay your taxes on time.
9. Hire an experienced, professional bookkeeping service if you can't keep up.
10. An established CPA who knows your affairs can provide
advice during the year.
Wasting valuable time or adding stress is not something anyone needs.
No one can afford it either, so be good to yourself. Remember
... "Organizing is a 'process' ... it's not
a one-day project."
SOLVING THE
PUZZLE
Ask
your accountant how many years you must keep your supporting
documents. Store your records in a waterproof box labeled (2005 Taxes -
Destroy ____ ). On the expiration date, be sure to put
everything through a shredder.
[ See Article ]
Especially shred cancelled checks, bank statements showing copies of
checks, and receipts or statements with your account numbers. Protect your
identity. Store separately all your annual tax returns, confirmation slips for
investments, home improvement records and receipts for major purchases,
which must be kept indefinitely.
As Nike says, "Just
Do It." Procrastination
is a leading cause of disorganization. Make it a practice to be more aware of your
actions. If they include old unproductive habits, stop and allow
yourself to practice new, more efficient habits. This will make a huge
difference in every phase of your life.
Fast forward to January next year, you are organized with systems and
procedures in place. Tax time will be less stressful from now
on, right?
If this process seems too difficult for you to complete alone, call a
professional for assistance. The reality is the longer you wait to
start, the worse the situation could become.
____________________________________________________
OTHER
ORGANIZING HOLIDAYS THIS MONTH
Stress
Awareness Month
National Organize Your Files Week (3rd week)
For more ... click
here
____________________________________________________
FOOTNOTES
Donna D. McMillan of
McMillan & Company Professional Organizing was quoted in the
American Express Business Platinum Ventures Magazine, Spring 2006
Issue. The article "Clearing Up Your Paper Trail - It's Not
Just Your E-Mail That Can Leak Information" features expert
advice regarding security for your paper documents. Click
here
ORGANIZING SERVICES IN HAWAII ... Our company has
expanded to The
Aloha State. Who do you know that lives or works in Hawaii? Click
here If you or your friends, family or colleagues want or
need
to get organized in their office or home, we now provide experienced
Professional Organizing Services in their area. Send
Email Inquiry and tell us about their/your needs.
____________________________________________________
Remember
... "If you can't find something in 30 seconds, it's
in the wrong place!" Everything deserves a home. And, you deserve an organized office, home and lifestyle.
We will help you solve the puzzle! Our Professional
Services
provide customized solutions for your specific needs. Your comments and questions
are always welcome. Also, you may share this with
others as long as the following copyright info is
included.
Until next time, Happy Organizing!! Donna
|
