Here in Canada, our taxes have to be filed and paid by April 30th. As a self employed freelance musician, I have to keep my receipts and documents together through the year. For a few years I had an accountant to help me sort through the tax process, but it was quite expensive. For the past 3 or 4 years I have been doing it myself and I think I have figured out a system that is easy to maintain through the year and simple and quick to process when it comes tax time.
The secret is a good accordion or expanding file. When Martha Stewart first introduced her line of office products at staples I was instantly attracted to the pretty colours. It’s not the cheapest, and this year I decided to try the Cardinal brand to save a few dollars. I use a new one every year, one for myself, and one for my husband, for seven years, as I only need to keep them for up to 6 years. There are some surprising differences between the two brands and I thought I’d share them with you.
What other things do you do to keep your tax documents organized? I use TurboTax Small Business for a tax software, and it is quite easy! They also have people available over the phone or online if you have any questions, which I did use my first year, to understand the numbers better, and they are super nice and helpful!
Good luck during this busy tax season! Thanks for reading!