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Getting Ready for Next Year’s Tax Season…Today

The following tax tips are brought to you by DYMO:

tax files
source: James Morris

Tax season is over for the year, but I have one more tax-related task for you…

Get ready for next tax season by creating systems to help you collect and organize tax information as it comes in!

Think about your tax preparation process:

  • What documents did you have to dig up?
  • What information did you have to search up?
  • What was frustrating for you?

Then, think about ways to make that process easier!

1. Create a Filing System

What receipts do you need to keep track of throughout the year? Medical receipts? Business expenses? Charitable giving?

The key is to figure out which categories you need so that everything is already organized when next year’s tax season rolls around.

For example, you might have a folder for W-9s and other income records, another for medical expenses, a third for charitable giving and so on. Depending on how complicated your finances are, you may need to divide some of your categories into subcategories, or you may find that broad categories works best.

Be sure to stick a copy of this year’s return in the file as well for reference.

An easy way to create a file system is with hanging file folders or an accordion file. Use an electronic label maker from DYMO to quickly print labels for your categories!

2. Print a Cheat Sheet

I don’t know about you, but every year as I begin to prepare my taxes, I have to find our social security numbers, either from the place where I file our cards or from last year’s taxes. While I know mine and my husband’s, I haven’t even tried to memorize our girls’, and so that is always the first step.

Instead of searching for this information, create a cheat sheet that you can keep with the current year’s  tax records. Include your social security numbers, local IRS address, and any other information you find yourself looking up every year.

3. Make Good Habits

Honestly, setting up the system is the easy part; actually using it takes more practice. Make a conscious effort to file paperwork and important documents right away.

By taking a few minutes to set up a system now, you’ll likely save yourself a headache or two next year!

Do you have a system for organizing the information you’ll need to prepare your taxes?

DYMO sponsored this post. They asked me to share tax tips for the coming year and how DYMO label makers can help you get organized, but they didn’t dictate what I wrote.