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Making a Container for Tax Back-up Receipts

Tax time is stressful for most people. However, if you have your information organized ahead of time, it can be less stressful. Follow the directions below to create your own organizing container for tax back-up receipts.

  • Make a list of all of the deductions that you take for your business.
  • Check with your accountant or financial person to see if you forgot any deductions. These are some of the common categories for deductions: Advertising/Marketing, Cell Phone, Credit Card, Donations, Insurance, Office Expenses, Books/Magazines, Professional Services, Professional Dues, Training/Seminars, Travel, and Taxes. I also include a compartment for Mileage and Income. You may have more or different categories.
  • Buy an accordion file folder with the alphabet labeled. One without a top works better than one with a top. The reason you get one with the alphabet labeled is that you need as many compartments as possible. You will not use the letters, but will instead create labels according to the names of the deductions you have chosen.
  • If you have an electronic label maker, use it to make the labels for each compartment of the accordion file. If you don\’t have an electronic one, hand-write the labels.
  • Lay the labels out and put them in alphabetical order. It is easier to file receipts this way.
  • Attach the labels to the file folder.
  • Place the file folder in a file cabinet next to your desk if possible. It should be close to your desk so that you log in the receipts into your computer files and then immediately file them into the accordion folder.
  • When it is time to do your taxes, total each category and take the information, along with the back-up receipts, to your accountant.

If you would like help with organizing your tax information, call Barbara Boone of Busy Bee Organizing Services at 443-854-3563 or email her at Barbara@bzbeeorganizing.com

Barbara Boone is the owner of Busy Bee Organizing Services located in Cockeysville, MD. She provides office organizing for small businesses, home-based businesses, and busy professionals. Her focus is paper management and file set up to help clients reduce stress and increase productivity. She has been organizing in the fields of education and business for over 36 years. Barbara is a member of the National Association of Professional Organizers, Business Networking International, and a board member of the National Association of Women Business Owners. She loves to travel, garden, create crafts, and play with her Yorkie, Lillie.
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