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Organizing Paperwork For Taxes

Category Paperwork
Make the arrival of tax season less stressful by organizing the paperwork needed for preparing taxes. This is a guide about organizing paperwork for taxes.
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By 5 found this helpful
February 2, 2010

Keep a folder in a place it won't get lost or misplaced. Every time you receive something you will need for your taxes put it in our folder. (EX. property taxes, donation receipts, etc.) then it will be handy, and in one place next year when you go do your taxes.

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By Gail from Rochester, NY

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By 1 found this helpful
February 2, 2009

Every January I set up a new manila folder and mark it with the year. Then every time I have a receipt or statement I need to save, I just put it in the folder. Come tax season all the paperwork is in one place.

By Rebecca from Lancaster, NY

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By 4 found this helpful
February 4, 2011

I use a monthly calendar to organize my financial life. I don't use a fancy one, just one that I receive as a promotional free item. I staple all check stubs and I write the amount of my receipts on the day that I had the expense. I have a spot each month where I tally the months expenses. It is very easy to forget such as doctor visit from the previous January when trying to do taxes a year later. By marking such as this in a calendar, itemizing taxes are a breeze! After taxes have been prepared, I bundle the calendar and receipts in a compact Manila folder and label with the tax year.

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By Maxine

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By 1 found this helpful
March 22, 2012

When I get my first tax document in the mail (1099, W-2, etc.), I designate a drawer near my computer as my "tax documents drawer" and let everyone who handles the mail know. Then as things come in, everyone knows right where to put them, and when I sit down to do the taxes, I know right where to find them.
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By Kirsten from Logan, UT

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By 1 found this helpful
January 23, 2008

I organize my tax papers in a binder using clear page protector covers and with labelled dividers to keep the categories separate and organized. Each time something for tax comes in it is placed in the binder in the correct division.

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By 0 found this helpful
April 17, 2006

With the tax season already behind us (almost!), here are a few suggestions I have to make next year's preparations a bit easier.

  1. Get a large shoe box and place in a prominent location (bedroom closet works for me.) Place EVERY bank statement, reciepts from deductible items (such as medications, day care, etc.) and other items you'll need at tax time (use envelopes to assist in sorting if necessary.)
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  3. Develop a HABIT of placing the items in the box at the end of the day (I put them in my laundry basket so they actually GO up to the bedroom for storage periodically.)
  4. Begin saving for your IRA NOW! Set aside a small amount from each paycheck (I save 10% of my pay and it is the second check I write after my tithe to my church) IRA contributions for 2006 are $4000 (or $77 per week) if you are under 50 and $5000 ( or $96 per week)if you are over 50. When you have accumulated the total amount, get it deposited into your IRA. If you aren't able to save the full amount by April 15th, deposit what you have! After all, you aren't getting any younger!

Happy Tax Season!

By Diana from Prospect, KY

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By 0 found this helpful
January 26, 2010

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.

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By 0 found this helpful
February 24, 2006

I use a portion of my home for business and I can deduct a portion of my utilities, home improvements, and purchases pertaining to the business from my taxes.

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March 13, 2012

A very helpful publication can be found at the Internal Revenue Service web site. www.irs.gov, It is Publication 552 and it is all about record keeping. I recommend downloading a copy and putting it in front of your file box.

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By 1 found this helpful
August 26, 2009

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.

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By 0 found this helpful
August 25, 2017

Don't wait until January to gather your receipts and forms to file your taxes; do it throughout the year and save yourself time and the grief. Using a two pocket folder, with a medium tipped marker, write the word "Taxes" and whatever year on the folder. If the folder will be in a filling cabinet, be sure to write it where you'll see it at a glance.

A folder with a list of documents for tax time.

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August 16, 20160 found this helpful

This is a guide about organizing receipts for taxes. Getting an keeping your tax deductible receipts organized will help when preparing your return and can help with potential refunds or lower taxes owed.

Pile of receipts on a white background

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By 0 found this helpful
September 10, 2009

An easy way to keep tax information together is to use one of the free calendars that stores give away. I white out Sunday on the Sunday column and combine Saturday/Sunday under one column at the end. This leaves a blank column at the first of the week for notes.

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February 4, 2008

This is the time to get organized for your 2008 taxes. Start the year off right! Then at this time next year, you will have all you need.

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April 4, 2012

Tax time is on us so this is for the next year, but can be very useful all year. Get separate envelopes for every month to put ALL your paid bills and receipts in and mark with month and year.

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April 16, 20070 found this helpful

Here are some tips from the IRS about keeping good records. You can avoid headaches at tax time by keeping track of your receipts and other records throughout the year.

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Questions

Ask a QuestionHere are the questions asked by community members. Read on to see the answers provided by the ThriftyFun community or ask a new question.

April 2, 20050 found this helpful

Staying organized for tax time. Post your ideas.

Answers

April 2, 20050 found this helpful

I'm a bookkeeper, and keep my records very organized, but many people don't. My suggestion is to make use of the program that probably came with the software on your computer such as the Microsoft Money program.

This program is very easy to use, even for a beginner, and allows you to make entries just like you would in a checkbook register, and allocate them to different categories. You can set up different accounts like Cash, checking account, credit cards, etc. Every time you make a deposit into your checking account or write a check or use your debit card, you make an entry into the checking account register on your computer. IMPORTANT: For this to work, you must make all the same entries that you do in your manual checkbook register!

At the end of the year, you generate a report using this same software, and it will show income and expenses for the entire year under the appropriate categories, which makes tax preparation SO much easier. (You can also balance your checkbook each month on the computer VERY easily!) You can see at a glance how much you've earned and spent by category, and then all you need to do, with minimal effort, is transfer those amounts to your income tax form, or print out the report to give to your tax preparer. It really makes life much easier and tax time much less stressful!

Laura - Oceanside, CA

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April 2, 20050 found this helpful

It is the dreaded tax season again, but my taxes will much easier to take care of. In my day planner, I have a plastic envelope, (pencil holder) that holds all receipts that should go on taxes. At home, I have attached, a bill binder (with months on tabs) to put all medical bills, medical visit receipts, all dental bills, etc. in the appropriate month. Taxes are now a breeze! You can forget that shoe box of information to dig through!

By Darlin Daisy

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By guest (Guest Post)
April 4, 20050 found this helpful

I set up a simple spreadsheet with sections for medical expenses, cash and goods donations, and other deductions. I add entries to this spreadsheet as they arise all year long. Then, at tax time, I just print off a copy and I have a one-page summary to use in completing my tax forms. It saves a lot of time and paper-shuffling. I file this printout with my other tax documentation. Then, after tax season, I copy the spreadsheet into a new document, remove all the entries, change the date, and I'm ready to start the process all over again for the following year.

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By guest (Guest Post)
January 19, 20090 found this helpful

I've used My Tax Records (from www.GetOrganizedHere.com) the past two years. Definitely keeps everything organized and helps make sure I don't forget anything important!

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