Tax Organization – Steps to Remedy Tax Time Stress

tax organization

Whether you hire someone to prepare your tax documents or
attempt to complete them yourself, your papers must be in order.

And organizing your tax related documents is not just some hap-hazard thing you do the evening of April 30th. Good tax organization is a year-round process.

Yes, you can wait until June 15th for the final deadline to file; however, you will pay penalties. Your taxes in Canada are officially due by midnight on April 30th PERIOD or you will pay late penalty fees.

Follow these 7 Steps to get past taxes out of your office.

1.  What records will I need to deal with – expenses– insurance, travel including, gas and parking receipts, car maintenance, phone/internet, license and registration fees, advertising, accounting, income slips, investments – RRSP, GIC’s and so forth. If you have a home-based business you can claim a portion of your mortgage, property tax, gas and hydro.

Ask your Tax Specialist for complete details or visit
Revenue Canada

2. Create file folders or large (8 x 10 inch) envelopes to organize your taxes using the above examples as suggestions along with the year i.e. Car Maintenance 2015. Place inside all your receipts for oil changes, tire rotations, tune-ups, etc.

3. Sort all the records, expenses, income slips, etc. into their appropriate file or envelope.

4.  Get a bankers box. Label it Taxes 2016. Insert hanging folders into the box. (A standard sized box holds either letter or legal sized hangers). Use File Tabs to create categories i.e. Insurance, Advertising, etc.

5.  Place all the file folders or envelopes into their appropriate hanger.

6.  Take the box to your accountant.

7.  Upon completion and filing of your tax documents – add your 2016 tax return along with all your eligible business receipts and expenses and store the box in a safe, dry place for the next 7 years.

 

Feeling overwhelmed.
Office Systems or just need your dreaded tax organization completed?

Call or Text Today!

705-431-7774

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