If you’ve ever felt overwhelmed by all the forms, statements, deadlines, bookkeeping, and receipts involved in filing taxes, don’t worry — I’m here to simplify all of it for you step by step.
My name’s Sonia Narvaez and today I’m going to help you organize and destress taxes in 5 simple steps. Now, let’s get started!
Organizing by System — Physical or Digital
So, first things first. We must decide whether you want to use a physical or digital system. Either one works fine. The key here is you just need to stay consistent.
For Organizing a Physical System:
- Set up folders and label them clearly by tax year, like “Tax Year 2024”.
- Inside, create categories like W-2s, 1099s, rental property records, and investment documents.
- Separate all income types—for example, keep W-2s in one section and different types of 1099s in another. This will help you double-check that all income is correctly reported when it’s time to file.
For Organizing a Digital System:
- Create folders on your computer or cloud storage with the same categories.
- Scan and upload each document into its respective folder. Digital organization makes it super easy to find things later!
Free Income and Expense Form
Also, for those of you that are self-employed, I do have one other free form that could be very helpful to you. It’s a Self Employed Income / Expense Sheet. This form breaks income and expenses into categories that are easy to track, and it will also help you get a birdseye view of your financials.
Handling Investments
Let’s talk investments. Here’s how to stay ahead of the game
- Match your 1099 forms, like 1099-Bs, to your brokerage statements to make sure they’re accurate.
- Save records of purchase costs—this is super important for calculating capital gains or losses when you sell.
- Use a spreadsheet to track your long-term vs. short-term gains, depreciation for rental properties, or even unresolved IRS matters.
And don’t forget to back up all of this info in a safe place!
Year End Checklist
Before the year ends, create a checklist to make sure you’ve got everything you need. This includes:
- All your 1099 forms.
- A summary of rental income and expenses.
- Investment capital gains and losses.
- Deduction and depreciation records.
Checking these off early makes tax season so much easier!
For Small Business Owners
If you’re a small business owner, using accounting software like QuickBooks is a lifesaver.
- Track all your income and expenses throughout the year.
- Keep a separate business account to make it easier to distinguish personal and business expenses.
Quickbooks certainly help save you time—and a headache—when filing your taxes. If you need help with Quickbooks be sure to check out our Quickbooks certfied training. With our training, we can help resolve all your Quickbooks challenges and questions very quickly, while saving you lots of time, money and frustration.
Rental Estate Property Organization
If you own rental properties, staying organized is key.
- Use a spreadsheet or an organizer like the one I’ve linked to here -> Rental Property Tax Form. This will help you track income, expenses, and all the details needed for tax preparation.
- Keep a folder for receipts—repairs, maintenance, property management fees—you name it.
- Don’t forget your 1098-INT form for mortgage interest paid and your prior year depreciation schedule.
As you can see, tax season doesn’t have to be stressful if you’re organized ahead of time. Whether you’re filing personal taxes, managing rental properties, running a small business or handling investments, these tips will keep you on track.
Free Complimentary Consultation
If you don’t already know me, my name is Sonia Narvaez. I’m a licensed CPA and wealth-building
strategist with over 25 years of experience.
If you have any questions about how to take advantage of the latest tax savings strategies, don’t hesitate to contact us.
To get your FREE complimentary consultation with a member of my team, simply click this scheduling link, and pick the time that works best for you. We would love to help and meet with you.