Tips for Keeping Your Personal Tax Records Organized Year-Round

April 28th, 2022
Tips for Keeping Your Personal Tax Records Organized Year-Round

Personal taxes are something we all have to deal with, and if you are not organized throughout the year, filing your taxes will be stressful. To keep things easy on yourself, we suggest following the three tips mentioned below.

Actively Record Expenses and Income

Instead of organizing your tax records once a year when taxes are due, a much more efficient system would be to organize them daily, weekly, or monthly. In most cases, we suggest reviewing and recording your expenses and income at least once a month.

By consistently recording your expenses and income, it will keep your financial records more organized. And if anything is lost or if there any errors are found, it is easy to deal with them.

Save Receipts in a Folder or Box

Receipts are a vital part of personal taxes, especially if you are using from as tax credits. Therefore, we strongly suggest that you separate personal and business receipts. If there is a receipt that can be used as a business expense, it needs to be stored somewhere safe in case it is needed.

Get Professional Assistance

Even if you follow the two steps above, chances are that your taxes will still feel unorganized and stressful. If this is the case for you, it is time to contact a professional. A professional accountant will be able to organize your taxes and do them in a way that suits you.

At HWG Chartered Accountants, our team simplifies tax returns and ensures you get the best return. We have decades of experience with personal taxes, and we can answer any questions you might have.

Located in Surrey (Cloverdale), British Columbia, since 1971, HWG, Chartered Professional Accountants proudly helps clients throughout the Lower Mainland and across Canada.

Our team of chartered professional accountants provides helpful business and personal tax services. Our continued growth proves the success of our client relationships.