Money & Your Health
Read the Toronto
Star article about preparing for tax time.
It’s time to get last years documents out of your filing
cabinet, prep your tax information, and archive all pertinent
paper work. If you are overwhelmed at the thought and not sure
where to start just follow these directions and you will be
well on your way.
1. Start with the right supplies
- Hanging folders
- Sub folders
- Sharpie Marker or better yet a label maker
- Tabs (3 inch are best because they allow you to generate
labels with Avery 8366 labels if you choose to later on) –
my suggestion is stick to one colour (for files and tabs)
until your filing system is fully functional. Note - if you
print your own labels you can create coloured labels
- Bankers Boxes
2. Allocate 4 hours in your day planner for annual
transitioning. This is cleaning up last year’s files and
inserting this years. However, if this is your first time
archiving allocate a little more time. (Don’t archive
junk)
3. Ensure that all receipts from the previous year have
been categorized and tabulated for your accountant
4. Label each hanging folder with category headings
and put in a sub- folder with the same category heading
and present year written on it. For example my hanging folder
tab says Dues and Subscriptions and the sub folder says Dues
and Subscriptions 2006. This year’s sub folder will say Dues
and Subscriptions 2007.
5. Office Expense headings will commonly include:
Auto, Dues and Subscriptions, Communications (land line,
cellular, & internet) Meals and Entertainment, Office
Supplies, Professional Services, and Utilities if you are home
based.
6. Office Document headings will include: Bank
Statement, Bank contract/communications, Business License,
Government – GST, Government – PST, Tax Information,
marketing, advertising, etc.
7. You are now ready
to remove your 2006 expenses and move forward with your
taxes.
Are you having an anxiety attack right about
now? If you are then you should call us or email us - we help
you prep your tax materials and set up an effective filing
system to suit your specific needs. info@kaosgroup.co m
Read more about Tax time
preparation