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The Tax Man Cometh (Frugal Friday)

Posted By Jessica Fisher On February 14, 2013 @ 8:03 pm In Frugal Friday | 24 Comments

Share your ideas for easier tax return preparation and filing.

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photo source: Heidi [3]

As you know, the only things sure in life as death and taxes. Whether you get a return each year after filing or have to pay something, we all pay taxes: at the store, at the gas pump, at the DMV. Somewhere.

The question of taxation and how it should be broached by national government certainly shaped the history of our country, and by consequence, the world. Taxes are important.

It’s not just a question of paying up some money, but it speaks volumes about how nations are run and how people are served. Or not.

By my calculations, the tax time is here with exactly 60 days for those of us in the US to get our returns prepared and filed.

How do you prepare for taxes?

When I was growing up, tax time was a nightmare. My dad would pull out this large drawer from his desk bursting with receipts. He and my mom would sort them all, for hours late into the night. I don’t remember it being a fun thing.

Thank the good Lord for the computer age, keeping track of expenses is so much easier now!

Since either my husband or I have been self-employed for the length of our marriage, we enlist the aid of an accountant to prepare our taxes. There are just too many variables and rules, that it’s better to let someone else know what they are and crunch all the numbers for us.

But, that doesn’t mean that I don’t have to do some work. I regularly track our expenses in Quicken. Then right about now, I go through all the reports to make sure that I’ve categorized things properly — and that someone besides me can understand what they are!

Honestly, I dread it because I’m usually a few months behind in reconciling my bank accounts [4], so I usually have to play catch up on that, too. (And yes, I am that.)

My guess is that you guys all have great ideas for being organized and on the ball with tax returns. I would love to hear some of you organizational tips and tricks! I remember last year around this time, I asked on Facebook, and tons of you had already completed your returns! Go you!

So, what’s your mode for being organized for tax returns that makes it easier and a little less painless?

How do YOU organize for tax time?

FrugalFriday

This is Frugal Friday. In an effort to make these weekly financial discussions more interactive, I’m no longer posting a link-up. Feel free to leave a link. But better yet, chat with us in the comments.


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