It's Tax Time

Now is the time of year when we all start thinking about tax returns, like it or not.  For a lot of people, it's a huge source of stress to locate the forms, receipts and papers necessary to file the IRS return.

So...how about establishing a file NOW for next year called "Income Tax" and make it a habit to put all the needed papers in there for next year's taxes??  If you don't have a file cabinet, they make small inexpensive plastic bin types now that can hold a lot.  They could fit in a closet or on a shelf if you don't have floor space.  I file lots of papers so that they don't clutter precious space.

What should go in the "Income Tax" file?

-tax deductible donation receipts
-real estate tax receipts
-school tax receipts
-W-2 forms
-bank interest statements
-mortgage interest statements
-sales receipts for work-related items
-sales receipts for tax-deductible purchases (in PA it changes yearly)
-anything else you're not sure if you'll need at tax time

Next year at this time you'll be thankful that you KNOW where your forms and receipts are, and you'll have one less stress producer in your life!

Please comment with your tax organizing tips!