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No one looks forward to tax time, but here are a few ways to make it easier to file this year and the years to follow.
If you have used the “everything in a shoebox method” up until now, you are not alone! In order to organize everything for this year gather three plastic bins and label them Income, Expenses and deductions, and Investments. Then you can categorize each tax-related piece of paper you have, from receipts to IRS letters to W2s. By using plastic bins you can easily put a lid on them and clear the table when you need it for something else.
Don’t wait until next year’s tax time rolls around to start thinking about your 2009 taxes. Start keeping all of your tax related receipts together. Maintain an envelope in your purse or a section in your wallet to hold tax-related receipts. Pull these receipts once a week and file them. Have a folder for each tax category. If you are unsure about which categories to use, refer to your last tax return. If you itemize your deductions, you will see which categories to copy. Duplicate these within your filing system. Next year you will simply total each category to determine the sum for each individual deduction.
If you want to go a step further and really simplify your tax process, put your finances into a computer bookkeeping program. Set aside the same time each week to update this program and keep track of your personal finances. This will also help those of you who have trouble keeping up with your bills or who are trying to stay within a budget.
How long do you have to keep your records? Ordinarily that’s three years from the due date for the return, including extensions, to assess any additional tax. But a return can be audited for six years if the IRS suspects the taxpayer has neglected to report substantial income. If fraud is suspected, there is no time limit. Keep a folder labeled for each tax year which includes your returns as well as any supporting documentation.For a complete checklist of what papers to keep, please visit our Tax Records page on our website.
