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Thursday, January 21, 2010

Organizing tax records | Paperwork for taxes

Get Organized for the IRS

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Around the first week of April, kitchen tables nationwide are taken out of commission by piles of tax records. The clutter is more than a mealtime inconvenience -- it could be costing you some big bucks come tax time.

According to the General Accounting Office, the average taxpayer overpays the IRS hundreds of dollars every year by overlooking deductions and missing chances to itemize -- opportunities that get buried in the forest of W-2s, 1099s, and quarterly and year-end statements each family generates throughout the year.

Stop letting the dollars slip through your fingers and into Uncle Sam's pockets. Here's a streamlined, simple, easy-setup, quick-bake system to once and for all get it done and get organized for the IRS.

The simple three-folder tax filing system
Kick the "pile it and file it later" approach: It doesn't work. Trust us. The following three-folder system -- a basic organizational method -- is just as easy to manage year-round. Depending on the complexity of your taxes, you can add folders to best suit your needs.

Read the rest of Get Organized for the IRS on fool.com

Posted via web from Firesaw on posterous

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