December 25, 2009, Newsletter Issue #199: Start a Filing System

Tip of the Week

Whether you plan on using tax preparation services or doing it your own, online tax preparation will make your life much easier. Keep everything in color-coded files and you can keep all those labeled envelopes together by placing them into a large manila folder. Better yet, try a large coupon book or accordion folder that you can buy at a local office supply store. A filing system will make your income tax prep a lot simpler. As you get receipts, tuck them into an appropriate envelope labeling them as rent/mortgage interest, property taxes, medical expense, investments, charitable donations and so on.

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