Are you scared of doing your tax? Overwhelmed by the enormity of the task? Wouldn’t you feel wonderful if this year you had it all wrapped up by the end of July?
The end of the financial year may not be looming large quite yet, but those that like to have their tax all sorted by the 1st of July are already getting organised for it.
If you’re completely overwhelmed by how you’re going to get this year’s tax organised, these simple steps can help.
- Make a 2010/2011 file – it can be a box, a manila folder or a binder. It doesn’t matter what you put it in really, so long as you have one.
- Write a list of paperwork that needs to be included so you can check them off when they go in the file. Include: receipts, charity donations, utility bills, group certificates, health insurance paperwork and dividend statements, among others. If you can get a list from your accountant that would be ideal.
- Go through your piles of paperwork (or filing cabinet, if you have it all organised) and collect up what you’re missing. Do it in small bursts (15 minutes or so a day) if your piles are largely unsorted.
- Add to the file for the next month or so, then at the end of June sort it all into groups (income, expenditure) and it’s all ready to do that return on time!
Don’t strive for a ‘perfect’ file. All it needs to be is all together. It’s as simple as that!
(note: this advice is for those in the Australian tax system. If you’re in another country use it as a guide, but be aware you’ll need to customise it to suit your nation’s terminology and tax laws).
Speak Your Mind