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Organizing Tax Files


Setting up a tax file can save you a lot of time and trouble when it comes time to file your taxes. Try these ideas for organizing your tax files. Organize your files into the following categories.

Income- Include pay stubs, W-2s, 1099s, interest statements, and dividend statements.

Medical- File receipts for medical expenses, and health insurance out-of-pocket expenses.

Donations-Include receipts for both cash and non-cash donations.

Real Estate- File interest statements from mortgage, tax assesments.

Child Care- This file is for child care payment receipts.

Tax Correspondences-Include any important letters from the IRS or your state revenue service.

Student Loans - File statements of loan interest paid.

Misc. Receipts-Add any receipts that might be needed for deductions.

Payments- Include any records of advance payments.

Old Tax Papers- File by year your old tax returns.

Taking the trouble to set up a tax filing system now will make it easier to file your paperwork through the year.

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