{"id":2163,"date":"2014-01-10T11:00:19","date_gmt":"2014-01-10T16:00:19","guid":{"rendered":"https:\/\/runningahousehold.com\/?p=2163"},"modified":"2021-01-05T11:22:56","modified_gmt":"2021-01-05T16:22:56","slug":"organizing-your-taxes","status":"publish","type":"post","link":"https:\/\/runningahousehold.com\/?p=2163","title":{"rendered":"Organizing Your Tax Documents"},"content":{"rendered":"<p>There is so much paperwork associated with filing your federal and state income taxes.\u00a0 Try this simple method for storing your papers.<\/p>\n<p><i><strong>Disclaimer<\/strong>:\u00a0 This information is not meant to be financial advice.\u00a0 We are simply sharing information that has worked for our family.\u00a0 Please be sure to read our disclaimer statement.\u00a0 <a href=\"https:\/\/runningahousehold.com\/?p=211\" target=\"_blank\" rel=\"noopener\"> Click here<\/a><\/i><\/p>\n<h3>Start with a simple folder<\/h3>\n<p>A simple two-pocket folder will be enough for this project.\u00a0 You don\u2019t need anything fancy or expensive.\u00a0 Just something to hold all of the papers until you\u2019re ready to file your taxes.<\/p>\n<h3>Label your folder<\/h3>\n<p>You can write it, type it or even make a label using a label maker.\u00a0 Labeling your folder helps keep everything organized.\u00a0 We&#8217;re including this simple printable.\u00a0 Just print and attach it to your folder.\u00a0 It includes a tag for 2020 and 2021 folders.<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/runningahousehold.com\/wp-content\/uploads\/2014\/01\/2021-Tax-Forms.pdf\">2021 Tax Forms<\/a><\/p>\n<h3>What goes in the tax folder?<\/h3>\n<p>Throughout the year, you\u2019ll come across various papers that you will need again at tax time.\u00a0 This includes papers like:<\/p>\n<ul>\n<li>Real Estate Tax Bills<\/li>\n<li>Excise Taxes on vehicles<\/li>\n<li>Lists of items donated to charity, and receipts from charities<\/li>\n<\/ul>\n<p>Note: We opt to keep our medical receipts and paperwork in a separate folder.<\/p>\n<h3>Paperwork to watch for in January<\/h3>\n<p>In January, you\u2019ll start to receive important year-end documents in the mail.\u00a0 Some of the most common documents include:<\/p>\n<ul>\n<li>W-2s \u2013 Wage and Tax Withholding Summary<\/li>\n<li>1099s \u2013 Bank interest and investment income summaries<\/li>\n<li>Mortgage\u00a0Interest Summaries<\/li>\n<li>Federal and State Tax Forms<\/li>\n<\/ul>\n<p>Once your folder is established, simply add these documents to the folder.<\/p>\n<p>You&#8217;ll want to make sure to pick up your mail everyday in January.\u00a0 Tax documents often contain personal information, so it&#8217;s best not to leave mail overnight in your outdoor mailbox.<\/p>\n<h3>Using Manila File Folders<\/h3>\n<p>If you have several documents under one category, label a manila file folder and keep it within your tax folder.\u00a0 We find it especially helpful to use a manila file folder for our charitable contributions.\u00a0 Throughout the year, we donate non-cash items to charity.\u00a0 We keep a list of the items along with their values.\u00a0 We also include the receipts received from the charitable organization.<\/p>\n<h3>Timing<\/h3>\n<p>For the first three months of the year, you\u2019ll work with two folders.\u00a0 One for the prior year, so you can complete your tax returns which are typically due on April 15<sup>th<\/sup>.\u00a0 The second folder is for the current year.\u00a0 If you make a donation, or receive a real estate tax bill, you\u2019ll want to file\u00a0the paperwork\u00a0in this folder.<\/p>\n<h3>Making it pretty<\/h3>\n<p>It helps if you can use a bright, happy color for these folders.\u00a0 We also opted to use a little bit of floral scrapbook paper to add to the\u00a0cover.\u00a0 It makes the file easy to read, and more motivating to use.<\/p>\n<p style=\"padding-left: 30px;\">Need a few more ideas?\u00a0 Check out the following articles for\u00a0additional information:<\/p>\n<p style=\"padding-left: 60px;\"><a href=\"https:\/\/runningahousehold.com\/?p=420\" target=\"_blank\" rel=\"noopener\">How to Keep Track of Your Charitable Contributions<\/a><\/p>\n<p style=\"padding-left: 60px;\"><a href=\"https:\/\/runningahousehold.com\/?p=291\" target=\"_blank\" rel=\"noopener\">When to file your taxes<\/a><\/p>\n<p style=\"padding-left: 60px;\"><a href=\"https:\/\/runningahousehold.com\/?p=1444\" target=\"_blank\" rel=\"noopener\">Too much mail? Tips for staying on top of your mail<\/a><\/p>\n<p style=\"padding-left: 60px;\"><a href=\"https:\/\/runningahousehold.com\/?p=1016\" target=\"_blank\" rel=\"noopener\"> Small spaces: desk ideas<\/a><\/p>\n<p style=\"padding-left: 60px;\"><a href=\"https:\/\/runningahousehold.com\/?p=227\" target=\"_blank\" rel=\"noopener\"> Monthly Expense Tracker: It&#8217;s not what you make, it&#8217;s what you spend<br \/>\n<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There is so much paperwork associated with filing your federal and state income taxes.\u00a0 Try this simple method for storing your papers. Disclaimer:\u00a0 This information is not meant to be financial advice.\u00a0 We are simply sharing information that has worked for our family.\u00a0 Please be sure to read our disclaimer statement.\u00a0 Click here Start with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2178,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,163],"tags":[617,618,614,613,615,616],"class_list":["post-2163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","category-organization","tag-easy-way-to-store-tax-documents","tag-easy-way-to-store-tax-papers","tag-how-to-organize-tax-documents","tag-organize-tax-documents","tag-organizing-tax-documents","tag-simple-way-to-organize-tax-documents"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Organizing Your Tax Documents - Running A Household<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/runningahousehold.com\/?p=2163\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Organizing Your Tax Documents - Running A Household\" \/>\n<meta property=\"og:description\" content=\"There is so much paperwork associated with filing your federal and state income taxes.\u00a0 Try this simple method for storing your papers. 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