Tax Time is Almost Here
Sherry Borsheim

It’s almost that time of year again-- tax time. As the clock counts down, it's apparent that the only way to tackle this unavoidable task is by taking an organized approach.

If you haven't already developed a strategy to eliminate last minute panic, doing so should top your list of priorities, right after you get through the current tax time crunch.

Start off by contacting your accountant to learn what critical information you need to include with your tax return, such as documents to support wages or other income received. Once you know what you're looking for, collect all the records you need to file your return.

Next, separate all the papers into file folders. Here are some file suggestions:

• GST
• Donations
• Accounts Receivables Collected
• Financial Statements
• Paid Invoices
• Credit Card Receipts
• Debit Receipts
• Tax Deductions

If you need to correlate your expenses with your calendar, put the receipts in chronological order in envelopes in the appropriate file. Make note of what should be in chronological order for next year and do it as you go to save time. Now you're ready to take the information to your accountant or enter the information into the tax form yourself. If you’re doing it yourself, consider using a computer program that double checks the return to ensure you're getting all the deductions you deserve.

To make tax time a little easier next year, consider these tips:

- Use your credit card to make it easier to track tax-deductible items.

- Use your Paper Tiger software to create locations to keep all tax relevant information at your fingertips.

- Look into a computer program that manages financial information


About the Author

Sherry Borsheim, owner of Simply Productive, has been helping people to work smarter, not harder for years. She specializes in resolving paper, time and information management issues. To learn more about eliminating the paper pile-up and in vastly improving your productively, contact Simply Productive at 604-233-7076.