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Keeping track of your expenses is one definite way to help you save money for tax payments. Likewise, it’s very important that you keep receipts and other documentation for each expenditure you make as this will help you identify sources of income and keep track of your expenses. The best part of it all is that this practice will help you track down months-old records so you can avoid getting confused in sorting out your taxes during the tax period.
What is a Tax Receipt?
Having a tax receipt is needed to maintain all information and records of tax transactions. Tax receipts are very much helpful to control financial records with reference to tax transactions. Taxing transactions are payment and recovery of tax collected from everyone who is earning. It can also be a tax invoice containing very important information on it.
What is a Tax Receipt Organizer?
Gathering all tax documents is quite torture for most individuals especially with the issue of lost receipts. This happens because people rarely keep them all in one spot. That’s why having an organizer is just what you need, so you can better monitor your expenses in a seamless way. So, whether you’re employed or running your own business, having a receipt organizer for taxes will certainly save you from running into trouble of forgetting all your records. A receipt organizer is superbly beneficial, so you must not do without it. It will definitely help save your time and effort.
Expert Tips to Better Manage Your Taxes
With the intention of helping you better manage your taxes, we have prepared these top expert tips just for you. Save time and be stress-free with these easy ways to organize your receipts for tax time. These are as follows:
1. Keep folders
It has been traditionally done to keep a sequence of folders where you can see it easily. Each folder can be labeled visibly by month and year. Things can be made effortless as you go through and look for certain data because you know where to find them.
Once all your receipts have been gathered together and placed in their respective folders, you can now proceed with categorizing them. Here are some categories based on expense type which you may find helpful:
- Food and grocery expenses: receipts of food, milk, and all related items.
- Home expenses: receipts of electricity, gas, and water bills; internet and phone bills, maintenance, and home repairs.
- Education costs: receipts of tuition and student fees, textbooks, gadgets, and other required apparatus.
- Medical expenses: medical expenses and hospital bills, health insurance premiums for you and your family.
- Office expenses: receipts of purchased materials and tools needed for the business operations and other related matters.
- Vehicle and travel expenses: gas and fuel costs, vehicle repairs and maintenance, receipts for registration and licensing, tires, rental or lease statements, personal and business miles driven.
- Other expenses: investment expenses, moving costs, charitable donations, and others.
Categorizing each expense type can make your work and record up-to-date and very organized especially for the tax period. It will also make your filing process quick and will provide you a chance to create suitable notes on your receipts. So, in case you are questioned, you can always back up your statements with those notes you made. When questions arise, it won’t be hard to look for answers.
2. Keep a Personal Journal
Keeping a record in a daily journal may sound too old-fashion to do. A good option is to use a calendar on Outlook or Google Calendar that will help to attest to various deductions being declared.
3. Keep Electronic and Paper Backups
It is only proper that you keep an organized record of receipts and other documents to keep track of the coming in and going out of your money. This will be for your protection and guidance especially when discrepancies in records arise. And, although a paper receipt is unquestionably important to document your expenses, you can never be sure when it can fade, get lost, or damaged.
The best way to prevent the worst-case scenario from happening is to make and keep a digital copy of all your receipts at hand. This can be in the form of:
- Keeping electronic bill receipts
- Saving PDFs of utility bills
- Scanning your receipts and store the images
- Asking that they be emailed to you
As part of an extended precautionary measure, don’t forget to check in regularly on the electronic documentation you’ve made as a sort of digital backup for all your receipts before you put them into long-term storage.
4. Take A Picture with Your Phones
Making a picture of documents and organizing them into your device is another sound choice for recording. There are accounting software apps that include support to organize and store photo receipts. You can take advantage of some apps that can keep track of your deductible expenses. It surely is another good backup of information or documentation.
You keep the original file in a folder so you could just pull it out from your file folder cabinet or table when needed.
There are a lot of methods available where you can make proper organizations of your important data or documents, may it be for personal or business purposes. You have to be wise in making your choice on how to make your recording organized and easy.
This will give you so much convenience in your work since every document is safely kept, and most of all, neatly organized. With these tips, you will be able to enjoy a clutter-free record of documents and proper utilization of your time.
Anyone needs a receipt organizer as it will allow us to better monitor all of our expenses – from the oldest purchase up to the latest ones. Being subject to forget details is our inherent flaw as a person, so having an organizer can definitely help us remember the necessary figures and statistics of our spending.
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