Plan Now for Next Year's Tax Time

Start out this month preparing for next year's tax time! Label 12 business-size envelopes (one for each month), and put all your receipts in the respective envelopes. On the outside of each envelope, list amounts that may be needed for tax purposes (cash donations, donated mileage, work expenses, etc.).

You'll be able to see at a glance which envelope has the amounts you need to include in your tax forms. When you're done with the receipts and prefer to keep all of them in the envelopes, just put a giant rubber band around them and file with your tax papers. (Some people prefer to shred their monthly bills and just keep those receipts that might be needed if they're audited - terrible thought!)

By caseye from Plano, TX

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By 01/31/2010

Please don't take the envelopes from the post office unless you are mailing something! There is to many free envelopes coming through the mail if you can't afford to catch envelopes on sale at Wal Mart 2 for $1.00. If everyone starts taking the ones at the post office then they will start charging for them!

By 01/28/2010

Good idea. However, instead of taking post office supplies that are intended for mailing as suggested by a previous poster. I would save the envelopes that come in the mail from all the credit card companies and label those.

By 01/28/2010

What a great idea! The simple ones usually are the best.

By 01/28/2010

I've been doing this for several years, but instead of buying envelopes, I use the free ones from the post office, You know the ones used for priority mail. Also the small priority mail boxes are the right size to hold 12 of the envelopes and the tax forms and booklets every year. Everything is right there in one box.