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Super Tip Thursday- A Tip on Tax Record Keeping.

09 Apr

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It’s Tax Season! Yay! Ok, maybe not Yay- worthy but its still tax season.Every April 15th, you’re expected to submit your federal and state tax records from the previous year. That means you are expected to keep all items needed for your tax returns.  And After April 15th, the IRS (internal Revenue Service) suggests to keep all of these records for at least three years. Some tax folks say to keep your tax records for seven years. Either way you need to organize and then find a place for this stuff.

I suggest good old fashioned boxes or plastic containers that are all the same size. They even have decorative ones that match your decor. Stack them in a corner in the closet. Stack them in a corner in the basement.  You can even cover them with a nice fabric and put a plant on top. Stack them high on a shelf in the home office. Label each one by year. and every year, shred the content of the oldest box (which should be on the bottom) and relabel and put the current year in there and place on top. AND the shredded papers (cross-cut is the best) can be used for packing material. So you are recycling too.

Also there are scanners and you can scan your documents onto your computer and assign a folder to them. I also suggest getting a data stick and putting them on there, just in case something happens to the computer. Better to be safe and secure.

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 April 15th is on a Wednesday this year! Good luck to everyone this tax season!

 
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Posted by on April 9, 2015 in Organizing

 

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