March 15, 2010

Organizing Tip Of The Week: Tax Paperwork

Taxes are due in exactly one month. Yikes! I just finished putting my paperwork together to send to my accountant, which only took about 20 minutes. It's easy because I have a file folder at the front of my file cabinet labeled "Tax Paperwork". Throughout the year, whenever anything comes in that I might need for my taxes I put it in there. Most of it comes in January (W2s, 1099s, etc) but I do get donation receipts and a few other forms throughout the year. I put them straight into that folder so that when tax time rolls around I don't have to go digging through the rest of my files and try to remember what I am supposed to include.

I highly suggest setting up such a folder for yourself, especially if you make alot more deductions than I do (my return is pretty basic). It saves alot of hassle and gives you peace of mind that you're not forgetting something that might lead the IRS to come knocking at your door later!

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