Get and Stay Organized
The more organized you are, the smoother tax time will be for you. There still may be some ups and downs, but the work will be smoother. To help you stay organized, set up your system of file folders or drawers where anything related to taxes are placed during the year. This includes any copies of medical bills, donations made, tax bills, and excise taxes as well as 1099s and W-2s.
List all of your 1099s and keep track of them as they are mailed to you. Also list your employers and financial institution from which you are expecting to get a statement.
All of this organization helps you when you sit down to begin your work on taxes. By having a list of the forms, you will know when you have everything ready to begin.
By having all of your tax documents already in one place, you can save yourself time and the frustration of trying to find them. And it certainly adds to deducing your stress level while increasing your accuracy.
Understand the Dates
Besides the usual April 15th deadline, the only other date you need to be concerned with is January 31st. This is when companies must send out your 1099s and your W2s. You can’t begin your taxes until you have all of your forms — assuming you have 1099. That leaves most people with a window of mid-February to mid-March to tackle taxes.
Set Aside Your Time or Schedule Your Appointment
If you are planning to do your taxes on your own, make a point to block off the time — free from distractions. Marking it right on your calendar is a helpful way to get yourself ready.
If you plan to use a professional, schedule your appointment early. Don’t wait until the week before taxes are due. Planning ahead can lessen your stress.
Be prepared. As you know there will be questions you need to answer, as well as having to find a missing statement or forms. The more time you have to answer any question or find documents, the less stressed you will be. Like many, the sooner you get your taxes done, the happier you will be. So don’t suffer by putting off your taxes; get them done!
Taxes are a necessary part of life. Instead of getting uptight when tax time rolls around, do the things you can do to control the process and make it much easier and less stressful for you — get organized, don’t procrastinate, and have a positive attitude.