Organization Can Save You Time and Money

by Tracey Hrica, EA Nov 14, 2019 | Share

The first step for effective tax planning is to organize that ever-growing accumulation of records in your desk drawers, closets, and other storage spaces.  If you have misplaced something, resolve now to reconstruct missing or incomplete records before they become hazy in your mind.

Haphazard records can cause you to needlessly lose money to taxes. The better the records you keep, the easier it is to search for opportunities, which is what tax planning is all about.

When it comes to sorting through financial papers, err on the side of caution in deciding which ones to save and which to toss out. To make the chore manageable —and to reduce the likelihood of mistakes—limit yourself to a single category of records at each sitting. For example, tackle all records dealing with investments one evening, insurance another, and so on. Incidentally, this do-it-yourself undertaking provides valuable side benefits: less-cluttered storage spaces and a clearer picture of your financial affairs. 

A little time spent now, can save you tax dollars in April!

About the Author

Tracey Hrica, EA

Tracey Hrica joined the firm in 1995. She is an Enrolled Agent(EA), which enables her to prepare personal and business tax returns and represent clients before the IRS.

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