Keep a folder in a place it won't get lost or misplaced. Every time you receive something you will need for your taxes put it in our folder. (EX. property taxes, donation receipts, etc.) then it will be handy, and in one place next year when you go do your taxes.
By Gail from Rochester, NY
This page contains the following solutions.
Every January I set up a new manila folder and mark it with the year. Then every time I have a receipt or statement I need to save, I just put it in the folder. Come tax season all the paperwork is in one place.
I use a monthly calendar to organize my financial life. I don't use a fancy one, just one that I receive as a promotional free item. I staple all check stubs and I write the amount of my receipts on the day that I had the expense.
When I get my first tax document in the mail (1099, W-2, etc.), I designate a drawer near my computer as my "tax documents drawer" and let everyone who handles the mail know.
I organize my tax papers in a binder using clear page protector covers and with labelled dividers to keep the categories separate and organized. Each time something for tax comes in it is placed in the binder in the correct division.
With the tax season already behind us (almost!), here are a few suggestions I have to make next year's preparations a bit easier.
Start out this month preparing for next year's tax time! Label 12 business-size envelopes (one for each month), and put all your receipts in the respective envelopes.
I use a portion of my home for business and I can deduct a portion of my utilities, home improvements, and purchases pertaining to the business from my taxes.
A very helpful publication can be found at the Internal Revenue Service web site. www.irs.gov, It is Publication 552 and it is all about record keeping.
Tax records were always a problem for me. I now use an accordion file folder with 12 slots. I use one for each month. I keep it next to my computer since I do most of my bills on line.
Don't wait until January to gather your receipts and forms to file your taxes; do it throughout the year and save yourself time and the grief. Using a two pocket folder, with a medium tipped marker, write the word "Taxes" and whatever year on the folder.
An easy way to keep tax information together is to use one of the free calendars that stores give away. I white out Sunday on the Sunday column and combine Saturday/Sunday under one column at the end. This leaves a blank column at the first of the week for notes.
This is the time to get organized for your 2008 taxes. Start the year off right! Then at this time next year, you will have all you need.
Tax time is on us so this is for the next year, but can be very useful all year. Get separate envelopes for every month to put ALL your paid bills and receipts in and mark with month and year.
Here are some tips from the IRS about keeping good records. You can avoid headaches at tax time by keeping track of your receipts and other records throughout the year.
This is a page about organizing receipts for taxes. Getting an keeping your tax deductible receipts organized will help when preparing your return and can help with potential refunds or lower taxes owed.
