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A Taxing Situation Made Simple: Office Depot Helps Professionals Get Organized for Tax Time

Category:

Tuesday, January 22, 2008 9:06 am EST

Dateline:

DELRAY BEACH, Fla.

Public Company Information:

NYSE:
ODP
US6762201068

DELRAY BEACH, Fla.--(BUSINESS WIRE)--Americans will soon begin tallying receipts, reviewing deductions, and filing forms as they prepare for tax season. To help customers get a jump on their income tax filing this year, Office Depot (NYSE:ODP), a leading global provider of office products and services, has compiled advice and planning solutions with the help of organizing expert, Monica Ricci.

One of the biggest hurdles people face come tax time is gathering all of the necessary receipts and forms, said Monica Ricci, organizing advisor for Office Depot and author of Organize Your Office in No Time. Disorganization can not only cause stress and inhibit productivity in your work, but it can also lead to missing important deadlines and even incurring penalties for late filing.

To help you get organized for tax season, Ricci offers the following advice:

  • Keep It Together: Put your relevant forms, receipts and paperwork in a single location as soon as you receive them to ensure everything is simple to locate when it comes time to file your taxes.

Ricci recommends using the Office Depot Tax Organizer Kit ($19.99) to take the worry out of locating your important papers at the last minute. This mobile tax kit is designed for storing and keeping receipts and expenses secure and accessible. The bin contains 12 hanging files in assorted colors, six file folders and a poly envelope for all your organizing needs. The kit also includes an assortment of common tax forms needed for filing both personal and business taxes.

  • Plan Ahead: Whether youre reviewing receipts for this tax season or planning for next, Ricci recommends breaking down the receipts by category and month. For instance, within each month, Ricci suggests separating receipts by category (e.g. mileage, travel, entertainment, etc...) and at the end of each month tally the receipt totals.

Check your work by using a printing calculator to verify that the numbers are correct and the right total is listed. The Ativa AT-P2000 Printing Calculator ($29.99) features a convenient tax estimator and item counter function to help you navigate through taxes with confidence.

  • Maximize Deductions: For professionals opting to file taxes on their own without an accountant, Ricci urges clients to use software systems like TurboTax ($19.95 - $89.95). This line of software helps users complete complicated tax forms, track deductions and credits and minimize potential mistakes.
  • Keep Confidential Information Safe: Ricci recommends speaking with an accountant or visiting the IRS Website (www.irs.gov) for details on proper document retention. For those items that can be discarded, ensure confidentiality and protect against identity theft by using a shredder. Ricci notes that when using a shredder, look for cross-cut ones like the Ativa 6- and 10-Sheet Micro-Cut Shredders from Office Depot ($129.99 - $199.99) that chop papers, paper clips, staples, credit cards, CDs and DVDs into tiny, unusable pieces.
  • Schedule Time for Taxes: Dont wait until March when the collective panic starts to set in. Make an appointment with yourself or with an accountant by mid-February to get your tax materials organized so you can file on time without an extension.

For additional tips on how to get organized and prepared for the tax time, visit www.officedepot.com/getorganized.

About Office Depot

Office Depot provides more office products and services to more customers in more countries than any other company.

Incorporated in 1986 and headquartered in Delray Beach, Fla., Office Depot has annual sales of approximately $15.5 billion, and employs approximately 52,000 associates around the world. Currently, the Company sells to customers directly or through affiliates in 43 countries.

Office Depot is a leader in every distribution channel -- from retail stores and contract delivery to catalogs and e-commerce. As of September 29, 2007, Office Depot had 1,212 retail stores in North America and another 384 stores, either company-owned, licensed or franchised, in other parts of the world. Office Depot serves a wide range of customers through a dedicated sales force, telephone account managers, direct mail offerings, and multiple web sites. With $4.8 billion in online sales during the last twelve months, the Company is also one of the worlds largest e-commerce retailers.

Office Depots common stock is listed on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index. Additional press information can be found at: http://mediarelations.officedepot.com.

Contact:

Office Depot, Delray Beach
Jason Shockley, 561-438-0037
jason.shockley@officedepot.com
or
Stanton Crenshaw Communications
Jody Waller, 646-502-3577
jwaller@stantoncrenshaw.com