Tips for Tax Procrastinators: Do better next year

Now's your chance to vow to do a better job of preparing for tax time. You can decrease the pain you'll feel next year at this time by keeping up with your tax situation throughout 2008. Look at your most recent tax return and determine what receipts or documentation will help you when filing your taxes next year.

You should also set up a filing system. This is especially important if you have a small business. Use file folders, envelopes, or any other filing system that helps you get the job done. Select some logical categories under which you can file your receipts, bills, bank statements, and the like. You'll thank me next year when all your items are already organized and ready for tax preparation!

By staying organized throughout the year, you're minimizing your workload at tax time and decreasing the chance of losing important tax-related documents.

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Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.