Organization Tips to Help Take Time off Taxes

Greg Gagne |

It’s tax season! And though it comes at the same time each year, many Americans still file for tax extensions. Whether you choose to work with a tax professional or file on your own, staying organized can help you meet the April 15th deadline.

Here are some ideas to help you stay on track and get your taxes filed by Tax Day.

Put Important Tax Dates in Your Calendar

April 15th is the stand-out date in our minds, but there are other tax season dates to remember, too. For example, any 1098, 1099, or W-2s are supposed to be mailed by January 31st. Other accounts, like Keogh and SEP, have separate filing extensions. If you apply for and receive a tax-filing extension, consider setting an alarm (or two) for a few weeks out from October 16th, 2023.

If you use a digital calendar, you can create events or reminders on important tax dates and set up notifications to remind you ahead of time.

Create a Filing System

Whether you prefer color-coded binders, folders, sticky notes, or digital file management, try to find a system that you feel you can stick to. Be vigilant about collecting and organizing your receipts, files, and important paperwork, so it’s easy to sort through.

For paperless organization systems, consider having a physical paper trail as a backup in case of an audit.

Learn Your Deductions

At over 74,000 pages long, the federal tax code makes for heavy, unexciting reading. But, depending on your situation, some parts of the tax code may be of greater interest to you. Knowing the deductions you can claim may help reduce your taxable income, meaning less money owed to the federal government. Not sure where to start? Consider working with a certified tax professional to help you find what you can claim on your taxes.

Keep Your Receipts

Hold on to any receipts that you plan to claim for your deductions. File them in your preferred system, and create a digital copy in case the originals are damaged, lost, or faded. Like the rest of your organization system, try to categorize your receipts into their respective tax areas, such as donations, office supplies, and travel.

Reduce Clutter

After tax season, take stock of what you should keep and what can be safely shredded. Not all documents need to be kept indefinitely, and some documents, like paper receipts, can be shredded after they’re filed (though it’s a good idea to create a digital copy first, just in case.)

If you don’t have a paper shredder at home, ask your financial or tax professional if they host a Shred Day. At a Shred Day event, you can bring your old bills, receipts, and other sensitive documents that need to be shredded. Your financial or tax professional may also be able to help you sort the documents that are safe to shred and the ones that need to stay in your tax folders.

Card or Cash?

While cash is easy to use when you have it on hand, if you’re purchasing something that could be part of your deductions, you may want to consider using a credit or debit card. That way, it’s easier to track the expense in case of an audit.


This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Please remember that past performance is no guarantee of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Affinity Investment Group, LLC (“Affinity”), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Affinity. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Affinity is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Affinity’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at Please Note: Affinity does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Affinity’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are an Affinity client, please contact Affinity, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.  Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

Copyright 2024 Advisor Websites.