03 Apr Save More Money on Your Taxes
When you go in to get your taxes done you can save a lot of money just by having your records filed correctly.
The majority of the population groups all the transactions (sales receipts, invoices, bills, etc.) according to the month that the transaction took place. This is the wrong way to do it. Group transaction together by the type of transaction that it is. This means all telephone expenses together, all utilities filed together and all income transactions filed together and so on. Having your file system set up this way will not only help you out when you need to find something (all you will have to know is the type of transaction that it was) so you can quickly go to that file and pull it rather than having to know the month of the transaction and the type of transaction. This should also lower your tax preparation fee as you will not be paying a tax professional the time it takes to regroup your transactions together in the way that is needed to complete your taxes.