Organinzing paperwork and files for taxes

Since I am self-employed, I have to keep really good records for my tax return each year. I also organize our personal paperwork throughout the year in various file categories. This makes sorting through and matching up receipts a breeze when it is time to do our tax return. I also use an Excel spreadsheets for several things. I do my business checkbook through Quicken, and I am moving our personal checkbook to Quicken this year. In January, I start going through the files to make sure that I have a receipt for each of my business expenses. I have been doing our tax return since we got married, and I have learned which forms I need to have in hand by the end of January/first of February. I try to get our return filed as early as possible, since we usually get a refund. (Thanks to having 6 children.)

Last year we were audited by the state of NC for the number of dependents we had. I was required to send in a copy of all of our children’s birth certificates. We had the same number of dependents the year before, and all 6 of our children were born in NC. And I supplied Social Security numbers on the federal return. And yet the state still had to have documentation. I was not a happy camper, but I complied. If I did not provide the documentation, they would have retained our refund. Nice, huh?

So keep good records for your annual tax return. Keep important papers in a safe location. And finally try not to stress too much when you start compiling all of your information.

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About Tami

Tami Fox is a homeschool mom of 6, who in age from 26 to 11. She and her husband have homeschooled for 17 years and have graduated three of their children from their homeschool. They are currently homeschooling 3 boys who are in grades 11, 9, and 6. They use hands-on learning and unit studies to ignite the fire of learning in their children. Tami is a homeschool author and conference speaker. You can contact her by email at Tami@TamiFox.com. Buy her book, Giving Your Children Wings at http://www.tamifox.net/giving-your-children-wings/.

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