Organize Your Tax Records

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PHOTO: LUCILLE CHANDLER
Organizing her family's tax records saved the author time and money.

My tax accountant used to turn a sickly shade of green when I’d arrive at his office carrying my year’s tax records in a shoebox that threatened to explode its seams at any moment. And I imagine he’d have been even more distressed if he’d been aware that I usually had to spend a week, at least, searching in every drawer and closet for those jumbled bits and pieces of financial information.

Deep down inside, I knew that my slip-shod technique (or lack of it) was no way for an ex-accounting student (or anyone else, for that matter) to keep books. So when the tax man started to recommend other accountants that I might want to try the following year, I decided — like it or not — to set up a filing system.

Still, I didn’t want to spend a lot of time maintaining tax records. If my system were to work at all, I knew it would have to be simple and convenient yet allow me to answer all of Uncle Sam’s possible questions at a glance.

Help From the Government

While many folks don’t have enough appropriate expenses each year to itemize their deductions, the only way many of us can know whether it’ll serve our purposes to do so is to collect information throughout the year. My first step, therefore, was to obtain a copy of “the long form” (1040). And, in the course of looking over that questionnaire, I discovered that my “dream system” had already been designed. After gathering a box, some tape, a pair of scissors, and a few folders, I was able to put it to work!

  • Published on Mar 1, 1981
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