It’s coming – that time of year, when individual US tax returns are being submitted and prepared to file on/before 15 April, 2020. Are you ready?
Organizing for tax filing efficiency involves personal choices of how you organize documentation and receipts in conjunction with preparing personal returns. Consider this – is your information easy to access the data you need, wherever and whenever you need it?
If you’ve submitted your returns to the IRS or your accountant, good for you. It’s a great time for you to establish how to make this process efficient for 2020 filing. If not, now is a good time to get your information together, evaluate if you can make this easier for yourself in the future.
Here are some tips to help you evaluate if there are “tweaks” you can make to help yourself for years to come.
- Remember that information is vital to file personal returns. Important documents and receipts are key for every tax return
- Set up a system for you to use throughout the year to make this easier on you and your tax preparer
- Do you prefer to maintain monthly files or what I call “category files”? Category files separate the type(s) of files, i.e. income sources and types of expenses and/or home and work/business
- Are you a person who likes to create spreadsheets to keep track of what’s what?
- Take a peek at last year’s submissions (home and work/business) to help you determine important documents and receipts needed for tracking
- Remember to consider everyone in the household and if self-employed, keep all business income/expenses
The IRS provides resources to assist with filing of your 2019 tax return. Tax guidance is a big topic of interest for many this year. The IRS provides information to assist businesses, individuals and families. Check out IRS information here: https://www.irs.gov/tax-reform
I would be remiss if I failed to mention tax fraud. CNBC posted an informative article this week entitled “Tax Scams in are in full swings. Here’s how to protect yourself” https://www.cnbc.com/2020/02/18/how-to-protect-yourself-from-tax-scams-this-filing-season.html
The Internal Revenue Service expects to receive around 150 million tax returns during this filing period, which began Jan. 27 and runs through April 15. Beware of phone scams (the IRS generally reaches out via US Mail); protect your data/information (phishing scams using emails, text messages, social media and websites using a compromised link to install malware to steal your information) and identity theft fraudsters filing fradulant returns with your information.
Keeping life organized while you’re living allows you to be up for the task when deadlines and due dates come into play. Your day to day life fills up fast! Making time to button up provides an amazing sense of freedom.
The Living Planner proactively helps you assess ways for you to streamline living today, in preparation for the tomorrows to come at home and business. Let’s explore ways for you to protect what is important to you by asking questions and exploring with you. When you’re ready to explore how to be ready, reach out.
Take care of you. Feel free to drop me a line via Email to ask questions and learn how I work with people and companies. Additional information is available on the website @ The Living Planner
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