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Tax Stuff You Need to Keep in Your Records

By JLP | November 30, 2006

Be sure and BOOKMARK this for future reference!

Here are some suggestions that I found in The Ernst & Young Tax Guide 2007 of records that you should keep on hand in addition to your income tax return.

I recommend that you…

1. Get yourself a hanging folder and label it for the tax year
2. Get three manila folders labeled with the following three categories: Income, Expense, and Credits
3. File all of your records according to which manila folder they belong in
4. Your accountant will LOVE you

INCOME

EXPENSE

CREDITS

Topics: Organization, Tax Planning, Taxes | 21 Comments »


21 Responses to “Tax Stuff You Need to Keep in Your Records”

  1. Tax Stuff You Need to Keep in Your Records - Finance Trend Diary - What’s the buzz in finance world? Get the latest from top bloggers here! Says:
    November 30th, 2006 at 9:19 pm

    [...] Posted by JLP [...]

  2. Stacey Says:
    December 1st, 2006 at 12:12 am

    I always did the hanging file thing…but each annual tax file tended to bulge and papers spilled/slid out when on my desk…so I recently changed my stripes to being a “binder” gal. I 3-hole punch items as I receive them, use dividers for where they belong (pay stubs, copies of charitable giving checks, etc.), and voila! Organization w/out irritation! And now my valuable file drawer space is freed up—& the binders can be stored in many places…

    Keep safe all you poor souls enduring icy roads tonight! (Including my darling husband…where are you? And where’s the milk!! Just kiddin’ I bought it!)

  3. moneysmartlife Says:
    December 1st, 2006 at 1:11 pm

    Great tip! It’s such a nice feeling come tax time to be able to pull out the tax folders and get right to work, rather than hunting through piles of old documents.

    I’ve done it both ways. Taking the time to set aside the folders and file documents as you get them throughout the year is MUCH better than digging around for hours at the end of the year!

  4. My Favorite Personal Finance Posts This Week (12/02/06) » Personal Finance - Save Money at Binary Dollar Says:
    December 3rd, 2006 at 3:47 pm

    [...] You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. Leave aReply [...]

  5. fivecentnickel.com Says:
    December 6th, 2006 at 8:09 pm

    Weekly Roundup – 12/01/06

    Here’s a quick look at some of the articles that caught my eye over the past week…
    JLP has a list of tax-related records that you should plan on holding onto.
    MBH talks a bit about taking the risk out of your year-end FSA activities.
    Jim provides s…

  6. Mighty Bargain Hunter » Roundup for week of 26 November 2006 Says:
    December 7th, 2006 at 9:51 pm

    [...] All Financial Matters passes on some information about things to keep for your tax records. [...]

  7. chris Says:
    December 8th, 2006 at 4:05 pm

    but..there is no law stating you have to pay income tax in america…as in, THERE IS NO LAW SAYING YOU HAVE TO PAY INCOME TAX. Try to find it, it doesnt exist.

  8. » Blog Archive » Today’s links that matter… Says:
    December 8th, 2006 at 4:16 pm

    [...] Tax stuff you need to keep. [...]

  9. bogart Says:
    December 8th, 2006 at 4:25 pm

    Hey, chris…try the 16th Amendment.

  10. J.D. @ Get Rich Slowly Says:
    December 8th, 2006 at 5:00 pm

    Chris, you’re wrong. When somebody tried to make this argument at my site, I checked with my accountant and my attorney. They both said, “Of course there are laws that say you have to pay taxes. If you don’t believe it, don’t pay them, and find out what happens.” Wasn’t Al Capone put away for tax evasion?

  11. Bill Says:
    December 8th, 2006 at 5:10 pm

    Chris – try the 16th amendment.

  12. fiat lux Says:
    December 8th, 2006 at 5:59 pm

    FAQ on that ‘you don’t have to pay taxes’ BS:
    http://evans-legal.com/dan/tpfaq.html

  13. fiat Says:
    December 9th, 2006 at 1:49 pm

    that website has so much political bullshit in it an american must have written it for sure. i couldn’t stomach that to finish reading information about taxes.

  14. Good Tip: List Tax Stuff You Should Save | taxalicious Says:
    December 10th, 2006 at 7:43 pm

    [...] Here’s a good list of tips from AllFinancialMatters regarding the records you should keep. [...]

  15. MoneyVelocity.com » Tax Stuff You Need to Keep in Your Records Says:
    December 11th, 2006 at 8:51 am

    [...] List of tax-related items that might come in handy when doing your taxes.read more | digg story [...]

  16. Tax Stuff You Need to Keep in Your Records : Popular Bookmarks : eConsultant Says:
    December 23rd, 2006 at 7:44 pm

    [...] Tax Stuff You Need to Keep in Your Records Posted in bookmarks | Trackback | del.icio.us [...]

  17. A Preview of the 2008 Federal Income Tax Brackets » Financial Consultants World Blog » Financial Consultants World Says:
    September 26th, 2007 at 2:35 pm

    [...] Tax Stuff You Need to Keep In Your Records [...]

  18. Finance Blog » A Preview of the 2008 Federal Income Tax Brackets Says:
    September 27th, 2007 at 10:41 am

    [...] Tax Stuff You Need to Keep In Your Records [...]

  19. More Jack’s Business » Blog Archive » Tax Stuff You Need to Keep in Your Records Says:
    October 27th, 2007 at 7:00 am

    [...] read more | digg story [...]

  20. A Question From a Reader: How to Calculate Taxes—� AllFinancialMatters Says:
    October 31st, 2007 at 5:53 pm

    [...] Tax Stuff You Need to Keep In Your Records [...]

  21. DOT Says:
    November 2nd, 2008 at 3:25 pm

    For my 2006 income tax, I filed Form 8913 – Credit for Federal Telephone Excise Tax Paid. I had added up the federal excise tax charged on nearly 4 years worth of phone bills for 7 different phones. I have it all tabulated in a spreadsheet which is in my tax folder for that year. Do I need to keep the bag full of receipts from which I picked off the amounts?

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