DYMO and NAPO Offer Easy Time Saving Tips for Organizing Income Tax FilingStamford, CT, 3/5/2002
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 CorporationDYMO 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 NAPONAPO 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.
