How to get organised for Tax Time!

Getting Organized for Tax Time: A Simple Guide to Preparing Your Paperwork & Records for Year-End Accounting (June 2025)
Tax time may feel like it’s far away, but preparation is key to ensuring a smooth process when June 2025 rolls around. Whether you’re a business owner, freelancer, or individual taxpayer, staying organized with your paperwork and records will save you time, stress, and money. Here’s how to get ahead of the game and make tax season a breeze!
1. Create a Dedicated Folder or File System
Start by setting up a system where all your paperwork and receipts can be easily accessed. A dedicated folder (physical or digital) helps keep your records in one place, preventing them from getting lost in a mountain of paperwork.
Consider organizing your files into categories:
- Income Statements: Pay slips, invoices, bank statements.
- Expenses: Business expenses, receipts for deductible purchases.
- Receipts: Store them in order of relevance and importance.
- Tax Forms: Keep a space for tax returns other tax-related documents.
Tip: If you prefer digital organization, there are plenty of apps available to scan and store receipts digitally. This reduces paper clutter and makes retrieval easier.
2. Track Your Income and Expenses Regularly
Don’t wait until the last minute to pull together your financial records. Set aside a few minutes each week or month to record your income and expenses. By tracking them regularly, you won’t have to scramble to find missing receipts or figure out what was spent where.
For business owners and freelancers, using accounting software like Xero can help you maintain an accurate record of transactions, saving you time when tax time arrives.
3. Categorize and Label Your Documents
Whether you’re running a business or filing personal taxes, organizing your documents into categories is crucial. Label each folder or file with clear, concise titles such as “2025 Tax Year,” “Business Expenses,” or “2025 Receipts.” By doing this, you can easily locate the exact records you need when you’re ready to file.
Tip: Use cloud storage services like Google Drive or Dropbox to back up digital records. This ensures nothing gets lost or misplaced.
4. Ensure All Tax Forms Are In Order
As we approach the end of the financial year (June 2025), double-check that you have received all relevant tax forms. These may include:
- Income Statements (Salary/wages)
- Bank Interest Statements
- Investment Income Annual Tax Statements
- Business-Related Forms
Make sure these are all in your organized folder by the time tax season begins. If you’re missing any, contact the respective organizations ahead of time to avoid delays.
5. Review Your Deductions
Knowing what you can deduct will help reduce your taxable income and could mean more money in your pocket come tax time. Review your expenses, charitable donations, equipment purchases, and any other deductions you may qualify for. If you’re unsure about deductions, it’s a good idea to consult with a tax professional to ensure you’re maximizing your savings.
6. Plan for the Future
Don’t just think about this tax year — start planning for next year’s tax season too. Organize your finances in a way that makes year-round tax preparation easy. Set a reminder to update your files at regular intervals and stay on top of tax changes that could impact you.
Why This Matters
Getting organized now ensures that you’ll be ready when June 2025 rolls around. A little effort today can lead to a smoother tax process and less stress when the deadline approaches. By keeping your paperwork in order, tracking your expenses, and staying on top of your finances, you’ll be well-prepared to take advantage of deductions and avoid costly errors. And above all, you could save in Accounting costs!
Get Help if You Need It!
If you’re feeling overwhelmed by the paperwork or unsure where to start, don’t hesitate to reach out. As tax time approaches, many of us need a little extra guidance. Contact us at Simpi-Tax for personalized support, or if you’d prefer, I can help streamline your process to ensure everything is in order come June 2025.
Keep Reading
