Organizing your taxes doesn’t have to occur just once a year. With the right system, all your household tax papers can be neatly and quickly organized daily. So when tax time rolls around, all your paperwork is ready for filing.

Create Main Categories for Tax Paperwork

Label file folders for documents you will need for tax time and keep them organized in a dedicated Bankers Box tax box. Consider these main categories:

• Income (including documents received from third parties, such as fo. W2s and form 1099s)
• Medical documents
• Donations
• Child care costs including daycare
• Business or professional deductions
• Tax correspondence (with IRS or state officials)
• Student loan payments
• Receipts for other deductions
• Payments of tax made throughout year (such as for quarterly estimated taxes, etc.)

Maintain Your Organizing Discipline

It’s tempting to leave documents in desk drawers or in letter trays and tell yourself you will deal with them later. But if you stick to filing invoices, statements and other forms in a designated box throughout the year, you’ll avoid last minute tax panic.

Long Term Tax Organization

Create a dedicated box for every year and stack in your home office. Now you have your personal tax history in a glance with all files easily accessible at any time.