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Are Your Documents Organized For Tax Time?

By Edited Dec 5, 2015 0 0

Tax time is getting closer than many of us would like, but the annual task of preparing taxes, or simply gathering the necessary documents so an accountant can prepare your taxes, can be made easier by using a tax document organizer during the year. Half of the battle is just gathering documents, receipts and other paperwork needed for preparing taxes. If you work on this part of the battle during the year, it makes preparing your taxes a lot easier.

It is often easier to keep tax documents separate from other paperwork. You can either use a separate drawer, area of the drawer or a completely separate organizer for tax paperwork. This is a good start, but if you have a lot of tax documents you will also want to keep the documents organized within this separate assigned space.

Keep in mind you'll need to keep several years tax returns and the backup documents also. You may choose to keep yet another filing cabinet or space for these past returns or if you have room you may want to keep them in the same area as current receipts and documents, but keep some degree of separation here too so different years tax information doesn't get intermingled.

If your taxes are pretty simple you don't really need an extravagant organizer, just an organized place to store your tax paperwork separately from other bills or documents. Having a separate place for tax receipts and tax forms makes gathering the necessary paperwork for tax time much easier. You can use a simple accordion file or a separate section of a filing cabinet or simply separate hanging file folders in your filing cabinet.

If you do everything online you may also want to store electronic receipts or electronic tax returns online. This is perfect for people who don't have the space for organizers and who have most of their tax documents online anyway. It is important to keep them in a secure place with encryption software and keep a back up if you aren't using cloud based servers.

Tax time is something most people dread, not just because it makes them look at and think about their finances, but because of the hassle of gathering all the necessary information to complete and file a tax return. While nothing can make this time of year painless, a good tax document organizer can help take some of the frustration out of this annual task.

Don't underestimate the time that can be saved here with good organization throughout the year.



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