Go Digital to Ease Tax Planning Stress

Go Digital to Ease Tax Planning Stress


It is never too early to start thinking about tax season. Before you start groaning, keep this in mind: taking a little time to think about what you can do now will have you feeling more relaxed once tax season arrives. Digital tools can help you get organized, reduce stress and make your overall financial management less daunting.

If your idea of keeping good tax records involves an overflowing desk drawer, take heart. Going digital can make planning easier, reduce the likelihood of errors and perhaps even save you money. These tips can help ensure that everything you need is at your fingertips.

Designate a secure location to keep documents in one place

Avoid a last minute scramble for misplaced papers by gathering your documents into one secure digital location. Not only will you reduce paper clutter, but also be able to locate everything quickly during tax season – from mileage logs to charity receipts.

Store previous tax returns and supporting documents digitally for easier access

You never know when you may need to retrieve a copy of your tax return when applying for a home loan or financial aid. You can also use your tax return as a helpful guide for next year’s return.

Scan and save important receipts immediately

Avoid hours wasted searching for old receipts. Use your smartphone to photograph the ones you know you need to keep — then email them to yourself to store digitally. Or, use an app like Expensify to simplify receipt tracking.

Scan and store tax documents as soon as you receive them

As tax-related statements, such as W2s, 1099s and forms related to mortgage interest, charitable donations or higher education start to arrive in the mail, scan and save them.

Create digital folders for specific categories

Use folders to file and organize your receipts and supporting documents quickly and easily, especially if you itemize deductions or are self-employed.

With everything in one place you can rest assured that you’ll be able to keep track of the tax-related statements you receive — and find the tax documents you need when you need them.

As you begin your tax planning, remember Fifth Third Bank’s Life360 platform provides complimentary tools and resources that let you stay connected to your financial information, from anywhere.

Visit with a Fifth Third Bank advisor to learn more about the Life360 platform and answer any questions about tax planning or wealth management.

The information contained herein is for information purposes only, is not designed to address your financial situation or particular needs and does not constitute the rendering of tax or legal advice. You should consult with your tax advisor or attorney for advice pertinent to your personal situation. Asset Allocation, Alternative Investment and Hedging/Diversification strategies are intended to mitigate the overall risk within your portfolio. Some strategies may be subject to a higher degree of market risk than others. An investor should understand the costs, cash flows and risks inherent in a strategy prior to making any investment decision. There are no guarantees that any strategy presented will perform as intended. Fifth Third Private Bank is a division of Fifth Third Bank offering banking, investment and insurance products and services. Fifth Third Bancorp provides access to investments and investment services through various subsidiaries, including Fifth Third Securities. Fifth Third Securities is the trade name used by Fifth Third Securities, Inc., member FINRA/SIPC, a registered broker-dealer and registered investment advisor. Registration does not imply a certain level of skill or training.

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