Organizing Tax Records

Most people believe that it is too early to be thinking about planning for next year’s taxes, but now is actually the best time to get organized so that you are not scrambling around at the last minute looking for more tax deductions.   
There are numbers apps available which can make this task painless.  For example, one app is called Tax Organizer which is available for the iPhone.  This app allows you to document a couple of important facts about the receipt and then allows you to take a photo of the receipt for later reference.  Many times the receipt either fades or is misplaced.  
With this app, as long as you remember to snap a photo, you will be able to retrieve the photo at a later date.    The app also has the capability of keeping track of mileage.  So when your CPA asks for your mileage log, you will have the information available in just a few clicks.  An annual summary can be exported out in an excel format which can then be uploaded to your CPA at year end.  
The app also has the capability of creating numerous other reports such as a monthly summary of expenses or a summary for a specific event or business trip which would also beneficial throughout the year as well.    
Let’s make 2012 the year that we get more organized!   
/posted by Diana Dials