Keeping the Castle - Housekeeping & Homemaking Tips

Housekeeping your tax documents

by Gayla McCord on May 4th, 2006

Now that tax season is over, and you have your big refund (I hope!), and the pain and agony of gathering that stuff together for the tax preparer (or you, as the case may be) has subsided, wouldn’t you like to make things just a smidge easier on yourself for next year?

I have one file, called TAXES, that I keep in the desk drawer, and I throw everything in it that I think will be useful for my taxes next year, but Sarah, the houskeeping guide at About.com, suggests these files for a good tax preparation filing system:

• Income- Include pay stubs, W-2s, 1099s, interest statements, and dividend statements.
• Medical- File receipts for medical expenses, and health insurance out-of-pocket expenses.
• Donations-Include receipts for both cash and non-cash donations.
• Real Estate- File interest statements from mortgage, tax assesments.
• Child Care- This file is for child care payment receipts.
• Tax Correspondences-Include any important letters from the IRS or your state revenue service.
• Student Loans - File statements of loan interest paid.
• Misc. Receipts-Add any receipts that might be needed for deductions.
• Payments- Include any records of advance payments.
• Old Tax Papers- File by year your old tax returns.

At a minimum, do what I do and keep one file for everything, if you are an overachiever in the organizational department, Sarah’s suggestions might just work for you. At any rate, this is a good reminder of what needs to be kept handy for next year, so start now so you won’t be scrambling next April, ok?

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POSTED IN: General Housekeeping and Homemaking, Organizing and Clutter Control