Now that the crunch and stress of the tax deadline is behind you, start preparing now for next year.
Get organized. Set up folders for charitable contributions, rental properties you own, receipts, and home expenses.
Track your mileage. Mileage is deductible for volunteering, trips for medical reasons, and any work you do for your employer when you are using your personal car. Keep a pad and pen in the car or use an app on your smart phone to keep tabs.
Meet with your financial planner. There's still time to make changes to your withholdings, buy or sell stock and open retirement accounts. Make your appointments before it's too late.
Adjust your withholdings. Did you owe a lot this year and anticipate a similar fiscal ending? Make the adjustments now in your paycheck to get closer to your tax obligation goal.
Buy a scanner. Save yourself the headaches of tracking receipts and invest in a desktop scanner to rid yourself of paper and scarps. Several scanners now come with built-in software that will help you categorize your receipts as you enter them.
Use the category feature in online banking. Make sure you label each transaction as they happen. Then at year-end, you can sift and sort the data you already have.
For more tips on tax organizations, meet with your tax planner now or visit with First National Bank and Trust's Wealth Management Group.