Organizing Tax Files
I can already hear you groaning – Tax Time is here! But consider this – setting up and organizing tax files now will make it easier to file all of your tax related paperwork throughout the year.
So let's get down to business. Here are some categories of my favorite tax organizing file ideas:
Contract labor income receipts, W-2's, 1099s, dividend statements and banking interest income statements - companies are required to mail these to you before January 31st
Real Estate -
Interest statements from mortgage companies (1098’s) and any tax assessment payments
File receipts for all health insurance payments and medical out-of-pocket expenses
Child Care -
Child care payment receipts
Student Loans -
Statements of loan interest paid
Miscellaneous Receipts -
Keep receipts for proof of any deductions taken
Tax Payments -
Estimated tax payments and any records of advance tax payments
Include receipts for both cash and non-cash donations along with an inventory list of what was donated
Tax Correspondence -
Any important letters from the IRS or your state revenue service
Previous Years Tax Papers -
File your old tax returns by year As always, check with your Tax/Financial Advisor about documents you should retain. The law changes regularly and it's best to check with a professional to make sure you're keeping those all-important documents AND taking advantage of all possible tax deductions.
Remember: Organizing your tax files NOW can save you a lot of time and trouble when it comes time to file your taxes.
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