It’s time to prepare for the onslaught of paperwork that is tax season. Late January means that you and your parents should start receiving tax forms soon. To fight off the flurry of W-2s, 1099s and whatever else the IRS has dreamed up, buy manila folders and label them “2010 taxes,” “2009 taxes,” etc. While you’re at it, you may as well create and fill a folder called “student loans” if you have any. Sort your stacks of paper into those buckets and stick new tax mail into the 2010 folder.
Here are some other tips so you can file faster and easier:
• Check with parents. If they are filing for you, you should know that soon. They and their accountant will appreciate your organized folder. • Get a shredder. Sometimes, I see my account information on empty paper that’s been left intentionally blank. To keep the folder slim and useful, I shred the useless stuff. Shredders are as cheap as $30 but the super-thrifty readers can use their school shredders. • When in doubt, keep it. Of course, keep documents that may have an iota of usefulness, just in case.
Clearly, this post isn’t comprehensive enough to replace a tax professional’s advice (so please don’t sue me). You’d be surprised at how much better you’ll feel with some organized folders.
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