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Preparing For Tax Season

The holiday season is in full swing, which means tax season is just around the corner. Sure, it’s not as festive, but tax season can actually be joyous in its own way if you take the right steps to prepare for it. Here are a few things you can do to stay organized.

Take pictures of receipts. When you’re out and about, sometimes it can be hard to keep receipts organized and filed away. One way to get around this is to create a photo album on your smartphone for receipts. That way, you can immediately take a picture on-the-go, and you don’t have to worry about losing it. Not only does it save time and space, but at the end of the year, it’s simple to go in and pull photos straight from your phone.

Do a monthly review. Waiting until the end of the year to organize documents can make things more stressful than they need to be. Make a goal to sit down for a few minutes at the end of every month just to make sure everything is accounted for and in the correct place. Doing a monthly check-in like this will prevent you from trying to recall dates or events that happened several months prior.

Keep documents in one spot. For statements, forms, or documents you receive in the mail, make it a habit to store them in a 3-ring binder. This can be even more helpful if you create separate compartments for different categories such as donations, medical receipts, or work-related expenses if applicable.

If there’s one thing you can do for yourself this tax season, it would be to stay organized. Not only will it save you time when you actually file, but you’ll know what to expect from each account and will be able to identify if something is missing. There are also online resources, like a tax calculator, to help you get an idea of where you’re at. Having a clear understanding of everything will help eliminate stress and allow you to get your taxes in on time. See your tax preparer if you have specific questions on how to itemize, the latest rules, or for other help on filing.

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All trademarks, service marks and trade names referenced in this material are the property of their respective owners.

Deposit and loan products are offered by Associated Bank, N.A. Loan products are subject to credit approval and involve interest and other costs. Please ask about detail on fees and terms and conditions of these products. Property insurance and flood insurance, if applicable, will be required on collateral.

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