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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:

Income -

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 (1098s) and any tax assessment payments

Medical -

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

Donations -

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.

In Addition to Organizing Tax Files,
Learn how to Organize ALL Your Papers


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