Business & Finance Taxes

How to Organize for Taxes

By Business & Finance Last updated Wednesday, May/22/2024

1). Label an expandable file folder for the current tax year. For example, if the current tax year is 2010, you would label your folder "2010 Taxes."
2). Place the labeled folder in an easily accessible location where you can see and access it daily. On top of your desk, right next to your computer is a good spot.
3). Place all receipts, statements, lists or any other tax-related documentation that you accumulate daily directly into your tax folder. For example, if you make a charitable donation, place the receipt directly into the tax folder rather than placing it into a donations folder inside your file cabinet drawer and then having to find it again once tax time rolls around.
4). Place your copy of your tax return into the folder once the return has been filed. Once this is done, file the folder away for long-term storage and immediately replace it with a folder for the next tax year.

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