Organizing your tax records can be time-consuming and tiresome. However, a little bit of organization can go a long way towards streamlining your entire tax procedure.  Here are a few organizing habits you can start now to reduce your stress later.

MedTax Tax Envelope

If you’re conflicted about how to organise your receipts, we offer a tax envelope that can help you stay on track during tax season. With our MedTax tax envelope, you can stuff all of your folded, crumpled or flattened receipts inside, and we’ll do the organising for you. Our tax envelope includes a list of tax deductions to ensure you’re not missing a thing when filing this year. A few items include membership fees paid to OMA/CMA, CMPA, CPSO, etc. – dues that require you to maintain your professional status throughout your career. 

As a friendly reminder, most tax deductions from last year remain the same as this year. To get your tax envelope today to make organising your taxes a lot easier, check out more information here

Sort receipts into the appropriate categories

Your tax advisor or planner will be able to discern where you spent your money during the year if you organise your receipts into the relevant categories. Make your receipt organising method simple so you don’t have to scramble at the last minute. An effective way to sort your receipts is by placing them all in plain white envelopes that are properly labelled with categories. This way, if you have a side gig, frequently contribute to charity, have “fun” money, and need a space to keep track of day-to-day expenses, everything is sorted for your advisor. 

Make the switch to digital

If you’re more tech-savvy and want to save space in your house, you might want to explore digitally organising all of your paperwork. Simply take a picture of your receipts when you receive them, and then upload them to a folder on your computer or save them in an album on your phone when you have time. You can even explore apps to help you stay organised. Our top two tax sorting apps we would recommend are Receipt Bank and QuickBooks Self-Employed. If you don’t want to pay for a service, you can also use dropbox or google drive to store your receipts in an organised manner. 

Electronic distribution of account statements, mortgage statements, and tax paperwork is available from many institutions online. This is a simple method to preserve all of your documents in one place, and even better, they are stored electronically for up to seven years. 

Examine your timetable

If you don’t block out time on your schedule to arrange your tax records, it’s easy to lose track of time. Check your planner for any vacant space at least once a month. Use part of your spare time to better arrange anything you don’t think is up to standard, or to catch up on duties you may have neglected in the previous month. 

Finding the appropriate strategy to meet your needs is the key to organising your taxes! What matters most is that you take action. To learn more about tax preparation, schedule a free consultation with medtax.ca now.

About the Author: Alex Powell

CPA CA, Director

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