DYMO and NAPO Offer Easy Time Saving Tips

DYMO and NAPO Offer Easy Time Saving Tips for Organizing Income Tax Filing
Stamford, CT, 05/03/2002
 
DYMO Corporation, a leader in labeling and identification products and NAPO (National Organization of Professional Organizers) have teamed together to offer tips on making this years tax time more efficient, saving you time and helping to keep you organized.
  Income tax preparation is a time of year when having organized files helps. Keeping full and accurate records is vital to properly reporting income, expenses and evidence to support your deductions.
  The most important thing for completing tax returns is having income, expenses and deductibles clearly organized before starting the tax return process, said Frank Magnifico CPA, a business and personal tax advisor with Politi & Magnifico, LLC in Greenwich, Connecticut. Clients who havent organized their documents throughout the year greatly increase the time needed for tax return preparation and also increase the chance of missing valuable deductions available to them.
  Completing your tax returns isnt the only time that organized documents are beneficial. In case of audit, having these documents clearly organized can help save time and headaches.
  The IRS has specific time requirements for saving prior tax returns and accompanying documents, continues Mr. Magnifico. Plan on keeping records of taxes, expenses, securities and any other documents at least 3 years and in some cases, up to seven years.
  Tax returns are not only for reporting income to the government. This information can be required for other financial aspects of your life. Mortgage applications, for example, generally request income verification for completion. Having this information clearly organized can help speed up those applications as well.
  In order to make this time of year a breeze, and help plan and organize for next year, DYMO and NAPO offer the following tips.
  "The first thing that you can do to better prepare your 2001 tax return is to look back at your 2000 tax return. Note all income and deductions that you claimed.
"If you havent been organizing your documents throughout the year, start out by creating a file folder labeled "Tax 2001 Information". This should include all annual statements including W-2's or 1099's, bank statements, investments and any other taxable income documentation. This will provide easy access to your documents.
"Create and label a Tax 2001 Deductions folder. This should include documentation for all deductions you plan on taking. This can include mortgage interest, business expenses, childcare costs and many others. Check the IRS website at www.irs.gov for more.
"If you are using outside help, like an accountant, call and review all miscellaneous information that they may need to do your specific tax return. Organize and label these file folders for easy access.
"If you are mailing your tax return, make sure to create a computer-generated label for quick and effective delivery and always send your return with a return receipt or tracking option.
"When the Tax return process is complete, gather all 2001 financial information and copies of your returns and archive them in an expandable file folder or a bankers box. Make sure to label what year these archives are for quick access later.
"Think about next years tax return now. How can you be better prepared? Label specific folders for your 2002 Tax return so you can be ready for it.
"Finally, think about purchasing financial software. By starting to prepare now by entering monthly financial information for your next years return you can make the process even faster
  For over 40 years, DYMO has helped people in the home and business organize and identify their worlds with easy to use label printing and identification products. DYMO produces a variety of labeling solutions to help you identify your documents, files and folders at tax time, and throughout the year. Our handheld, desktop and PC connected label makers allow for simple and convenient label creation for files, folders, boxes, mailing labels, package labels and many other needs.
  Information on completing your taxes, along with tips and forms can be found at the IRS web site at www.irs.gov.
  About DYMO Corporation
DYMO Corporation has over 40 years experience as a leading manufacturer of labeling and identification tools. DYMO produces a broad range of innovative products for home, office and commercial use that help people organize their world. The company is a division of Esselte, a $1B office products company. More information on DYMO is available at www.dymo.com.
  About NAPO
NAPO and its members have been helping people and business get organized for over 15 years by providing information, products and assistance to help others organize to meet their needs. Information can be found at www.napo.net.