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Tax records were always a problem for me. I now use an accordion file folder with 12 slots. I use one for each month. I keep it next to my computer since I do most of my bills on line. When I have a receipt, bank statement or other important tax item, I just put it in the current month's slot.
I have also started a sheet of paper for each month, where I list the receipt and what it is for. If I need to locate a receipt for any reason, it is easy to read the sheets rather than dig through the file.
At year's end, I take the folder to our tax accountant and she is thrilled not getting a shoe box full of little scraps of paper! I save money on taxes because I never miss a deduction. I also lower my stress level at tax time, because I am ready to go! Note: Cheapest and best time to purchase the folder is August when school supplies are plentiful and on sale.
Source: My own attempt to simplify life.
By Eiw from Lancaster, PA
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