Quick Post...Tax Time is Over, Be Prepared for Next Year!

Today a lot of people are breathing a sigh of relief now that another tax season is coming to a close. It never fails, but each year I hear so many stories of people racing around last minute to gather essential documents and receipts for their tax returns. Here is a tip that might prevent this from happening next year. Each January, designate a folder for tax information for the year (ex. "Taxes 2009"). I put this folder in the section of my filing cabinet set aside for tax information. If needed, this folder can be subdivided into categories such as property taxes, medical receipts, donations, etc. As I come across items that I know I will need for taxes, I file them in this folder. Then, when I am ready to do my return, everything I need is at my fingertips!