5 Easy Tax Record Organization Tips

  1. STORE IT! Keep a spot handy where you can place important tax documents like your receipts, 1099s, and other papers as you receive them: a file folder, for example. You’ll save time later by not having to look all over the place – like in the hamper or the toy box – for these papers. You’ll also save time by recording all tax-related expenses throughout the year in the Expense and Reimbursement area of your Day-Timer planner. Then, when you need to gather all the data, you’ll know exactly where to look.

  2. CATEGORIZE IT! Keep all of your documentation nicely organized by tax category. Looking to write off company dinners? Then, keep your dining receipts in one section. Another section can house medical and health insurance receipts. This makes it a breeze to find whatever paperwork you need in a jiffy. (And can save you from major headaches should you ever, dare we say, get audited

  3. FACILITATE IT! If doing your taxes makes your head spin and ties your stomach in knots… relax! There are resources available to help you. Talk to a tax accountant or contact the IRS directly at (800) 829-1040 to speak to a real human being. Or visit them online at: irs.gov for everything you need – including scores of tax forms – all available for instant free downloading.

  4. TAKE IT! Don’t visit your accountant empty-handed. Avoid multiple trips by taking all your information right from the start. Bring documentation for your income (W-2s, 1099s, social security statement, records for rental property income and expenses, and records of income and expenses for self employment); income adjustments (moving expenses information, student loan interests paid, and IRA contributions); and deductions (mortgage interest, real estate taxes, charitable gifts, job-related expenses, and gambling losses).

  5. KEEP IT! Want to throw out old tax information from years past? You can toss anything that’s three years or older when it comes to data for your tax return, but always keep the W-2s, 1099s, and a copy of your actual tax returns in a file for safekeeping.



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