Get Organized for Next Year’s Taxes

Tax documents. Learn tax planning strategies with Trajan Wealth.

With April 15th in the rearview, taxes might be the last thing on your mind. But believe it or not, now is the perfect time to reconfigure your organizational system and prepare for next year. Creating a plan will make next spring much more manageable.

How to Organize Receipts for Taxes 

Without a doubt, one of the biggest hassles of tax season is organizing receipts. Here are a few recommendations to make this easier throughout the year:

1. If you don’t have a designated space for your tax documents, now is the time to create one. Pick a spot in your office or kitchen to keep your receipts all in one place! 

2. A lot of our clients choose to use accordion folders as their tax organizers so they can store receipts by category. This method makes everything easier to find when you need to. 

3. Keep detailed notes on any business expense receipts. These notes will come in handy down the line when you’re trying to remember why exactly you purchased that paper cutter or what that dinner on October 12th was all about. 

4. Organizing receipts digitally reduces the chances of losing essential documents. Use a receipt scanner or take a photo with your phone and upload it to a folder. Save these digital copies with specific names and store them in a categorized folder so they’re easier to find. 

5. Keep your designated tax system tidy by learning which documents to keep and which you can discard safely. You’ll want to keep any documents that support your returns, including:

  • W-2 and 1099 Forms
  • 1099-B and 1099-INT tax documents
  • 1099-G for unemployment benefits 
  • Any receipts that support itemized deductions. These would be relevant receipts, invoices, and mileage logs. 
  • Confirmation slips for investments that were bought or sold. 
  • Records confirming any sale of property 
  • Schedule E if you own property and are collecting rent on it. 

Keep these documents after you file. The general consensus is seven years, but our tax experts can help you determine the right amount of time for you. When you’re able to dispose of these documents, don’t toss them in the recycling. Shred them to protect your information. 

Stay on Top of Tax Prep 

Create a Schedule in Your Calendar. Whether you make a point to organize weekly or monthly, tracking tax documents throughout the year will make April a breeze. Pick a time in your calendar and stick to it! 

If you’re a small business owner, you might have specific tax questions. We can help answer them. 

Learn more about our small business tax assistance. 

Use Cash for Business Expenses. If you’re going to purchase a business expense, it’s best to stick to cash. It’s easier to track and reconcile down the line. Remember to keep, label, and store that receipt for later. 

Trust Your Tax Organizer 

Once you find a system that works for you, it’ll be easier to maintain. And our team at Trajan Wealth can help you plan ahead strategies to minimize your tax payment and maximize your return. 

Learn more about our tax prep strategies. Then, set a reminder in your calendar to reach out to our team as we head into 2023. 

Schedule a consultation. 

*Tax information is provided for informational purposes only and does not represent an endorsement or an approval by Trajan Wealth. Please speak to a tax professional for your specific needs.

*Advisory services offered through Trajan Wealth, L.L.C., an SEC registered investment advisor.

The links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Trajan Wealth, L.L.C., of any of the products, services or opinions of the corporation or organization or individual. Trajan Wealth, L.L.C., bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links.

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