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When you’re preparing your taxes, or gathering information for your tax preparer, having a paper trail to follow is always helpful. It makes it easier to file your taxes and gives you backup should you find your return questioned at a later date. It makes sense to hold on to that paper trail in case you should happen to be audited on a previous years’ return. But exactly what paper should you be keeping and how long should you hold on to it?

Your checkbook can help you record income and expenses that are relevant to your tax return, but you should also keep invoices, receipts, sales slips, or other written documentation that spells out exactly where you spent your money.

You should be able to clearly document deductions like charitable contributions, mortgage interest, childcare expenses, medical expenses, real estate taxes, and alimony.

In the United States, according to the IRS, you could be audited up to three years after filing your tax forms, while in Canada, according to the CRA, you could be reviewed up to six years after filing. You should archive all of your records and documents for at least that long. It’s a good idea to keep documents organized by year, so you can easily retrieve the information if called upon to do so.

After the time has passed, it is still a good idea to retain copies of all of the tax forms you have submitted, but you can feel safe discarding supporting documentation and receipts.

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Here are some Terrific Tax Tips compiled from online resources to help you minimize the sting of tax season and perhaps manage your money more wisely:

1. Invest in your retirement

You can shelter some of your income by saving it in a tax-sheltered retirement account. You’ll reap the benefits of a reduced tax bill, plus a nest egg for your retirement years.

2. File your taxes electronically

It’s easy to file your tax return online. Your return will be processed more quickly, and if you’re owed a refund, you’ll have it in your pocket all the sooner!

3. If working with a tax preparer, never sign any blank form

Read all forms in full before endorsing them. You are the customer, and accordingly entitled to an explanation for anything you don’t understand

4. Consider Charitable Contributions

Donating cash, vehicles, clothing, household items or other goods is a great way to get a tax break and help a worthy cause at the same time. To ensure you receive proper credit, always get a receipt for any donation.

5. Avoid getting a tax refund
While getting back a large tax refund may feel good, it’s actually a sign of poor tax planning, essentially giving the government an interest-free loan. While that money was sitting with the government for 12 months, it could have been earning you interest in an investment.

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Return to February 2010 eTalk (US edition)
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When it comes to preparing for tax time, I recommend a five-step process, which I call my “5-P System”

1. Purge: get rid of outdated information
2. Plan: map out your new system
3. Place: get everything set up
4. Put: file in the appropriate place
5. Purchase: hire out what you can’t do yourself

Here’s how to use it: 

1. Purge

Throw away or recycle any unnecessary duplicates, outdated draft copies, and otherwise unnecessary materials before they turn into a huge mess and an intimidating chore.

2.  Plan

Decide what you need to keep for taxes and have a clear understanding of what needs to be saved:

• Paycheck stubs
• Bank statements, credit card statements and bills that document deductions
• Tax returns
• Warranty info and receipts for big-ticket items
• Receipts for retirement contributions
• Investment statements
• Home improvement receipts

3.  Place

Start a checklist of things that you’ll want to have on hand when you file your taxes.  Some of these won’t be available yet, but there are others that you’ve been accumulating throughout the year.  Keep a dated file folder marked “Taxes,” where you put all tax-related receipts as you come across or receive them.

4.  Put

Move all old (previous year) tax returns and related receipts and documents to archive files in a safe, out-of-the-way place. I remove all files I want to keep for history (bank statements, credit card statements, charity donations, etc.). Then I put each year’s records in a white cardboard archive box, label it with the year, and store it in my basement.

5.  Purchase

Once you have all your documentation assembled, get help!  Hiring a bookkeeper is essential for me since I own a business, but I know several people who use one to help with all their receipts, statements, and bills.  Your bookkeeper can compile a tidy and professional set of files that will make life much easier when you need to access financial records, either for tax time or otherwise.

© 2010 Laura Stack. Laura Stack is a personal productivity expert, author, and professional speaker who helps busy workers Leave the Office Earlier® with Maximum Results in Minimum Time®. She is the president of The Productivity Pro®, Inc., a time management training firm specializing in productivity improvement in high-stress organizations. Since 1992, Laura has presented keynotes and seminars on improving output, lowering stress, and saving time in today’s workplaces. She is the bestselling author of three works published by Broadway Books: The Exhaustion Cure (2008), Find More Time (2006) and Leave the Office Earlier (2004). Laura is a spokesperson for Microsoft, 3M, and Day-Timers®, Inc and has been featured on the CBS Early Show, CNN, and the New York Times. Her clients include Cisco Systems, Sunoco, KPMG, Nationwide, and 3M. To have Laura speak at your next event, call 303-471-7401. Visit www.TheProductivityPro.com to sign up for her free monthly productivity newsletter.

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The world’s sports fans turn their eyes to Miami, FL on Sunday, February 7^th for Super Bowl XLIV! And by studying the game of football, you can learn a lot about how to set and achieve goals and spend your time more productively. What does time management have to do with Super Bowl football? Everything! Football pros competing in the Super Bowl use great goal-setting techniques. By studying the game, you too can learn a lot about how to set objectives. Successful football teams devote a great deal of thought and time planning how to move the ball down the field. And successful people devote time to planning what they’ll accomplish in business and in life. Ask the coaches who’ve led teams to the Super Bowl. They know you can’t win without a good game plan.

The term “SUPER BOWL” describes nine components for making touchdowns in your life:

S = Specific. Progress in football is measured a yard at a time. Similarly, you’re wise to measure your progress toward a goal in numbers, percentages, milestones, or dates. “Learn software program” isn’t specific, but “Spend five hours a week learning software program” is. “Lose weight” isn’t specific, but “Lose thirty pounds at one pound a week” can be measured by simply stepping on the scale. “Make more calls” isn’t specific, but “Make five new outbound prospecting calls a day” is.

U = Us. The quarterback doesn’t attempt to score by himself; he hands off the ball to other players. Individual players can’t win without help from their teammates. Reaching a goal requires an entire team of people to be accomplished. You’ll experience limited success if your department or family doesn’t buy into your goal, so understand your strengths and know when to delegate pieces of the task to others. Where can you save time by passing the ball to others qualified to do the task?

P = Plan to succeed. Top teams don’t go out and just start playing. They prepare, plan, and study the playbook. They determine in advance what will be effective and how to spend their time. Similarly, don’t tackle a job without drawing up a plan of attack. List all the steps it will take to execute your plan in a logical sequence. Each night, draw up your plans for the next day so you are focused and purposeful.

E = Effort. Teams get to the Super Bowl through effort, not luck. Yes, you might reach your goals through sheer luck, but the odds are much better if you work hard. Injuries can put the very best team out of the playoffs, so players put effort into staying healthy. Scoring a touchdown isn’t easy, but it’s attainable with effort. Similarly, your goals should challenge you without being unrealistic. Don’t set yourself up to fail, but do force yourself to stretch. When you experience success at reaching “stretch” objectives, you gain confidence. Also know when to take a time out and rest, so you don’t burn out or get fatigued.

R = Reward. Players have unique ways of celebrating a touchdown—through a gesture, a dance, even a back flip. Have a plan to celebrate your accomplishments, too. You’ll stay motivated to work toward your objective when you know the rewards. The vision of earning a Super Bowl ring keeps players pushing toward that end. What will be your reward once you’ve accomplished your goal? What is exciting enough to make you want to shoot for it? A vacation? A massage? A round of golf? Rewards can also be intrinsic, such as increased self-esteem, more confidence, or the pleasure of a job well done.

B = Belief. Football players have a burning desire to win, and so should you. Have confidence in yourself! Picture yourself in the moment you achieve your goal. Determine how you will feel. Use positive self-talk and hear what others say when your goal is achieved. Enlist your friends and create your own personal cheering section. Your fans help you maintain your enthusiasm, and you’ll rise to the level of your own self-esteem. When you’re having a slow day, call your fans and ask for encouragement.

O = Obstacles. Teams spend a lot of time studying the competition and determining how to beat it. What obstacles do you face when working on your goal? What might prevent you from obtaining it? Consider early in the process what could go wrong, then put contingency plans in place and anticipate problems before they occur.

W = Written. Many people dream about what goals they want to accomplish, but few actually write them down. Coaches don’t have all the plays memorized; they refer to their playbooks. Written objectives are tangible and concrete. Make them uplifting and phrase them in a positive way. Review your progress at regular intervals and track it as you go. For example, measure your weight each week, summarize your sales calls every day, or determine how many pages you wrote each day.

L = Limits. Football games have four 15-minute quarters, a framework in which players have to succeed. Break your goal down into manageable pieces with well-defined start and stop dates. Many goals will have multiple action steps, each with a target date. Don’t think of a project as a 10-hour task; think of it as 10 one-hour tasks. A goal is a series of first downs, or mini-goals that help you see your progress and keep you motivated.

Remember, you don’t have to move 100 yards all at once. Take small steps toward your goals every day or every week. Get moving, and you’ll soon feel the positive effects of the change. And every little bit of change can lead to long-term healthy habits, which last far beyond the Super Bowl party!

© 2010 Laura Stack. Laura Stack is a personal productivity expert, author, and professional speaker who helps busy workers Leave the Office Earlier® with Maximum Results in Minimum Time®. She is the president of The Productivity Pro®, Inc., a time management training firm specializing in productivity improvement in high-stress organizations. Since 1992, Laura has presented keynotes and seminars on improving output, lowering stress, and saving time in today’s workplaces. She is the bestselling author of three works published by Broadway Books: The Exhaustion Cure (2008), Find More Time (2006) and Leave the Office Earlier (2004). Laura is a spokesperson for Microsoft, 3M, and Day-Timers®, Inc and has been featured on the CBS Early Show, CNN, and the New York Times. Her clients include Cisco Systems, Sunoco, KPMG, Nationwide, and 3M. To have Laura speak at your next event, call 303-471-7401. Visit www.TheProductivityPro.com to sign up for her free monthly productivity newsletter.

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Return to January 2010 eTalk (US edition)
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I’ve met thousands of home office professionals through consultations and seminars and many people tell me they can get organized, they just can’t stay organized. Getting organized is easy for some people, while others struggle to set up files, plan each day and find what they need when they need it.  These tips will help you save time and improve your productivity.

1. Take a close look at your home office and take out anything that you don’t use for business.  Even if you’re using part of a guest bedroom or your bedroom as an office, make sure that everything in your home office space is business-related. Read complete article…
2. Take control over your day by using a to-do list each day or at least weekly. There are several planning options including paper-based systems and handhelds.  Decide which system will fit your needs then try it out.  If a planning system doesn’t work for you, switch to something else.
3. Choose an office arrangement that fits your work style and lets you reach everything you need in seconds.  When I set up my latest home office, the first place I put my desk with a return didn’t feel right.  It faced the door, which kept me from having my back to the door, but I had to close my blinds to avoid any glare on my screen.  I didn’t like not being able to look out the window when I worked so I moved my desk again and now my office looks completely different.
4. Resist the urge to write down phone messages on the nearest scrap of paper.  Instead, use a spiral notebook, a phone log, or even a section within your daily planner (if you use a paper-based system). When you’re ready to return a phone call, you’ll know exactly where to find the number.
5. Keep papers-in-progress stored vertically in files rather than horizontally in piles. Use a desktop file holder, preferably one with hanging folders and manila (interior) folders inside.  That lets you set up a main category with subcategories inside.
6. Forget the saying “Handle paper once.” Instead, do something to move each piece of paper forward.  Either take action on it, file it, pass it on to someone else, make a note on your to-do list of any action you need to take before you file the piece of paper, or recycle it.
7. Fight the urge to stash supplies wherever they will fit. Instead, designate a specific place to store your extra supplies, stationery and products.  Store items logically within a closet, shelves or drawers within your office and group them by item.  This leaves you with only one place to look for one type of item.
8. At the end of each day, take a few minutes to file loose papers on your desk, put away supplies, and plan for the next day.  You’ll save valuable time the next morning and you’ll start the next day on the right track.

Lisa is one of the nation’s leading home office experts and the founder of HomeOfficeLife.com, a firm that advises corporations and individuals on all aspects of working from home. She also writes the blog, Working Naked (www.workingnaked.net).

Return to January 2010 eTalk (US edition)
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“Going Green” can sound scary and seem intimidating, but really, all it means is that you’re taking steps to live a more ecologically responsible lifestyle. If you’re so inclined, you could make wholesale changes to many aspects of your lifestyle, but statistically speaking, making small changes over time will help you stick to your new “greener” behaviors. A few easy suggestions you may wish to consider:

1. Switch from bottled water to tap water. Barely 20% of all plastic water bottles end up being recycled. We’re clogging our landfills with the rest!
2. Cut back your electricity use. Switch to fluorescent light bulbs and unplug electronic chargers when they’re not being used. You’ll reduce your bill, too!
3. Buy local produce. It helps cut down transportation costs, and decreases fuel consumption.
4. Turn off the water when you shave or brush your teeth. According to some estimates, you can send up to two gallons of water down the drain in less than two minutes!
5. Use cloth towels in the kitchen instead of disposable paper towels. No need to launder them separately, wash them with your bath towels.

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For great tools that will help keep you organized throughout the year visit www.daytimer.com.

Why not “Kiss Theory Goodbye” this New Year? Check out this video for short customer testimonials / reviews about this ground-breaking book by Bob Prosen. Visit www.daytimer.com and type Kiss Theory Goodbye into the search box in the upper right-hand corner for more information on or to purchase this book.

Kiss Theory Good Bye gets to the point – the how-to details that can actually help leaders get the results they need in the companies they run.

Bob Prosen is president and CEO of The Prosen Center for Business Advancement®, where he teaches business leaders how to rapidly increase performance and profits. He is listed in The International Who’s Who of Entrepreneurs. Visit his website at www.bobprosen.com.

To learn more about how organization and time management can help you achieve success visit the Day-Timer Community at http://www.daytimer.com/community.

Wishing you and yours a Happy Holiday Season. We thank you for your readership and hope you all had a chance to make it home for the holidays and are with friends and family enjoying this special day.