Friday, June 15, 2012

Fifteen on the Fifteenth

I can't believe it's the fifteenth again already!  Have you spent 15 minutes on your taxes today?

Last month I asked you to designate a place that you would keep all of your tax papers.  Did you have any charitable donations that you received a receipt for?  Or did you have some medical expenses that could be written off?  Today is the day to make sure that all of these receipts are filed in the right place so that you can find them come tax time next year.

Have you filed last year's return yet?  I keep mine in a file folder that I keep in my filing cabinet.  I put last year's return in the back and take out and shred the one in the front.  I do not keep my return with all of my receipts simply because we run a business out of our home and we fill a banker's box each year with all of our receipts.  At times the bank requires our returns but they never require all the receipts so it is handier to keep them separate.

If you are unsure about how long to keep certain tax papers, here is a good link explaining it.

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