Paying taxes is a necessary process that requires precise and accurate record-keeping. While some prefer to hire professionals to handle their taxes, others prefer the DIY approach. Whatever camp you fall under, good record-keeping is essential. With that in mind, here are some ideas to help you keep good tax records.
1. Keep a Dedicated Folder
Use a folder or binder specifically for tax-related documents and make sure to keep it in a safe and accessible space. This way, you won’t have to search through numerous files when tax season rolls around.
2. Make Digital Copies
Physical copies of documents can get damaged or lost over time. In addition to keeping paper copies, make digital copies of all your records, including receipts, invoices, and statements. Cloud storage services such as Google Drive are excellent options for keeping digital records safe and secure.
3. Categorize Your Records
Organizing your records by category makes it easy to find what you need when you need it. For example, categorize your receipts by type of expense, such as utilities, travel, office supplies, and so on. This way, you won’t have to sort through numerous receipts, trying to determine which ones are relevant.
4. Keep Track of Important Dates
Mark important tax-related dates on your calendar, such as the deadline for filing taxes, the deadline for making IRA contributions, and tax payment deadlines. Keep track of these dates and ensure you meet them to avoid penalties or late fees.
5. Seek Professional Help When Needed
Remember that you can always seek professional help when you need it. Tax laws can be complicated and hard to understand, and you don’t want to miss out on important deductions or credits. Consider working with a tax pro if you’re unsure about your tax situation: at Delgado’s Insurance, we’re always glad to help. Contact us today!
For more tax tips, be sure to check out our previous blogs, “Don’t Fall for This Tax-Related Online Scam!“ and “Tax Season Tips – How to Make the Process a Little Easier”
Delgado’s Insurance: Taxes Made Easy
At Delgado’s Insurance, we have made it our mission to simplify tax filing while making sure that you stay compliant with all relevant laws and regulations.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email (mail@delgadosinsurance.com), or through our social media accounts (Facebook, Twitter).
