So tax season starts on 1 July. It lasts for around five months, which is quite a long season. More like two seasons, really, since it traverses winter and spring, and by the time it ends we’ll all be in T-shirts again. Hopefully new ones that we bought with refunds we got from SARS.
Of course, you don’t have to wait five months to submit your tax return. Or take five months to complete it. If you’re still doing it the old-fashioned (read “time-consuming”) way, it might take you that long. But if you use 22seven, it doesn’t have to.
22seven does a lot of work for you. Fast.
Part of completing your tax return is calculating how much you spend on (and earn from) certain things. Traditionally, you’d procrastinate, then gather all your invoices and receipts and slips and other records from the year, then get your calculator out and manually add up every little individual expense.
But if you’ve been using 22seven, the information you need is already there and the totals you seek are mere minutes away. Astonishing but true. I have seen it with my own eyes.
Here are three ways you can use 22seven to help complete your tax return.
1. Use your Money Month
Every month already has totals for every category. So if you’re trying to figure out what you spent on petrol, you can just look for “Transport & Fuel” for each month of the tax year and add those up. Same for Donations to Charity. And any other category that’s relevant to your return.
But if even that is too much work for you, help is here.
2. Use your Transactions
Totals are made up of individual expenses (or incomes), which are all in Transactions. And Transactions has search and filtering features that make life very easy for you when completing a tax return.
- On your Transactions page, show transactions from 1 March 2013 to 28 February 2014. Now you’re only dealing with transactions relevant to the tax year.
- Use the search box at the top right to find what you need. For example, type in “Transport & Fuel” to look for all your fuel purchases over the tax year. The total is shown at the bottom right of the screen.
You can do the same for any other category. Or type in any description to find more specific transactions. You can also use the “Show transactions for” filter at the top left to just look at transactions from a particular account.
3. Use your Transactions even more brainily (or have your tax guy use your Transactions)
If you know your way around Excel or something like it, you can make life even easier for yourself.
- On your Transactions page, show transactions from 1 March 2013 to 28 February 2014.
- At the bottom left of the page, copy the transactions to a clipboard.
- Import the transactions into Excel or another similar tool and use it to total certain categories or kinds of transactions, OR send the import to your tax guy and have him do the easy work for you. He’ll thank you for it.
So… all warmed up for tax season? Great. Stay tuned. More tips are on the way.