Articles Budgeting, Economics and Finance Tax Time Part Three
| Tax Time Part Three |
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| Saturday, 12 July 2008 00:53 | |
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Now is the time to get ready for next years tax return. 1. Take your list of documents you needed to collect. Type up a copy, adding any items you missed. This will be a guide for your list next year. 2. Find yourself a binder, lever arch folder or a manilla envelope (depending on your needs) to store the coming year's documentation. Work out how you are going to separate each category - dividers in the folder, paper clips in a manilla envelope etc - and make provisions for each category you have. 3. The first piece of paper that will go into this file is your Notice Of Assessment from the tax return you just submitted. You will need it next year if you are filling out your tax on e-tax. 4. Start a document in your spreadsheet program on your computer, such as Excel or OpenOffice Calc. Have headings for each category you need to keep track of. Have room within each entry for details such as the date, a description, etc. This way, it will be easy to check if you have entered all of your receipts correctly. 5. During the year, as you receive papers pertaining to your tax, enter them into your spreadsheet (in chronological order) then add them to your binder, folder or envelope, in the correct category and in chronological order. If you can keep this up all year, tax next year will be a breeze! |
