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Archive for February, 2010

Keeping track of tax paperwork

Tuesday, February 2nd, 2010

Its that wonderful time of year again; tax time.  I know all of you out there are jumping for joy but try and calm down, sit back down in your chair and lets talk a bit about organization tax paperwork.  As many of you know by now, organization is not exactly my strong suit.  With that in mind, my wife and I are both making a concentrated effort to keep all tax documents in one place.  Even with that, I have an idea for what I am going to do for next year because there are some things that get missed keeping everything in one place.

I will setup a folder with some categories and accumulate things there over the course of the year:

– House related

– Rental house related

– Business expenses/home office expenses

– Medical expenses

– Charitable contributions

– Income Related

This should help a lot because despite the fact that I have all the ‘important’ paperwork for the year such as W2s, I don’t have any good way of tracking the small, extra expenses.  For example, there were expenses related to our rental house that I did not track that I now have to go back and try and dig up.  There were expenses related to home office and keeping TPS going that I now need to go back and dig up.  We also gave away bags (and I mean bags) of clothing to charity, that I now have to try and estimate.

Good luck to rest of you with your taxes; remember, if you dont claim it, the goverment will!