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Do You Need Year End Tax Tips To Get Organized?
Do you have piles of papers, stacks of statements and drawers stuffed with receipts? Part of preparing for tax season is being organized. The last few days of the year are as good a time as any to invest a few hours in organizing your piles.
When people contact services like independent tax advice providers for assistance, the tax professionals will ask to see a variety of documents, possibly including previous tax returns. Picture all the paperwork you receive throughout the year. Our mail is full of monthly statements from: banks credit card issuers utility companies car loan servicers mortgage companies insurance firms
In addition, you receive receipts from doctor and dentist offices, property and school tax notices, Department of Motor Vehicles correspondence, charities you donate to and more. Having a system to stay organized is key.
One easy process to keep all this paperwork organized is to purchase a four drawer fireproof file cabinet and a box of hanging files. These are inexpensive and may be tax deductible.
Top Drawer Should Have The Label "CURRENT YEAR" Create a hanging file for each company you receive bills or statements from. Store the current year's statements and other paperwork in this drawer. Hang them alphabetically. Have one hanging file labeled "Taxes" to store documents you may need to refer to when you do your taxes at the end of the year.
The Second Drawer Should Have The Label "LAST 7 YEARS" The IRS recommends storing documents for seven years. At the end of each year, move the contents from the top drawer down to this drawer. The hanging files in the second drawer should mirror the categories from the top drawer and the labels should include the year that the documents are from (example "2009 Insurance"). You can consolidate some companies into categories. For example, you could combine your cable, power, water and phone documents into one file called "2009 Utilities".
The Third Drawer Should Have The Label "LAST 7 YEARS" You may want to reserve the third drawer for overflow from drawer two. Seven years worth of documents adds up and after a few years you may need both drawers to store all the volume. You can also use this drawer to store all the previous year's tax returns and supporting documents. If you ever have a tax problem and need professional help from an independent advisory service to work with you to resolve your IRS tax situation, this organization system will save you a lot of time and headache!
The Bottom Drawer Should Have The Label "PERMANENT RECORDS" A good use for the bottom drawer is for permanent record keeping including jewelry appraisals, title to house, passports, birth certificates, marriage license, social security card and any other documents you feel are important to keep on a permanent basis. If you have room left over you can create some files to store catalogues you want to keep as well as manuals and warranty information for items you purchased like electronics.
After documents are older than seven years, simply remove them from the file cabinet and shred them. Imagine the clutter this system will remove from your house and how easy it will be to find something when you really need it.
Author Resource:-
Nathan Randall, editor, Daily Dollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the Daily Dollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.
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