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* Below is an article from Neat News - Issue 1.  Neat News is the official newsletter of NeatReceipts and it contains helpful articles, information about product updates and new product introductions, tips and special offers.  To access the entire newsletter, click on the attached file above.

Getting Organized In 2007 by Rafi Spero - NeatReceipts Founder and COO

Every January 1st tantalizes us with the opportunity to get organized around our taxes. I overhear people in the subway, on the bus and in crowded coffee shops declaring their pledge to get their receipts and tax forms in order. "This year I'm going to get my refund early," they say. But they don't. The task is too daunting and they don't know where to begin. Here's where NeatReceipts can help.

1. Gather all your receipts for the past year (2006)
2. Start scanning them.
3. After each scan, assign the appropriate tax category to the receipt. For example, if you scanned a donation receipt, select "Gifts to Charity."
4. When you are done scanning all of your receipts, run a report from the Tax Manager. The manager will automatically aggregate all your data and tell you where it belongs on your federal tax form by line item.
5. Make sure you scan in your IRS Forms as well. How many times have you spent hours looking for last years IRS tax forms?

Now to really stay on top of things, start scanning receipts that you incur from January 1, 2007 and beyond on a weekly basis. This will really get you organized and provide you with a snapshot of how much you are spending in different categories. Don't become a "they." Get yourself organized and in control of your receipts.

How do I assign 2007 receipts to a tax catagory dated 2007?  The software only shows 2005/ 2006 tax catagories. Also, can I create or delete tax catagories?  I am a tax professional and have some idea of tweaking the catagories you include in  the software.

Hi Mike,

You can use the 2006 tax categories for your 2007 receipts / expenses.  We will release an update in December / January which will automatically update the 2006 categories to 2007 categories via a Tax Wizard.  The IRS has not yet released the 07 categories.

Please email me your suggestions regarding the categories.  My email address is jchoi@neatreceipts.com.  We'd truly appreciate your feedback!

 

Thanks,

Jenn

How will it tell expenses that are supposed to be for 2006 from ones that are supposed to be for 2007 if they're all entered as 2006?

Maybe by the date of the Receipt?

Hi papermill,

You're absolutely correct.  When the tax update is released in January 2008, your 2007 receipts will be updated accordingly based on the date of the receipt.  The IRS does not release the 07 categories until later this year.  

 

Sincerely,

Jenn