5 Tips for Organizing Paperwork for a Smooth Tax Filing

With tax deadlines looming just around the corner, there’s no better time for to sort through the papers in your home offices. While organizing paperwork and personal files can seem daunting, it doesn’t need to be. Today, Master Lock is sharing five tips for organizing and safely storing important documents for a smooth tax filing process and a more organized year. After all, there’s nothing better than an office clear of clutter and easy to navigate!

Purge The Paperwork

First things first – clear the clutter. Go through all paperwork and eliminate anything you no longer need, shredding identifying documents to protect against identity theft. Get rid of expired warranties and year-old receipts and bank statements.

Safely Store Crucial Records

Designate a specific storage space for vital documents including birth certificates, marriage licenses, passports, wills and social security cards. These items, as well as any important memorabilia, should be stored in a locked, fire retardant box such as Master Lock’s 7142D storage box. Not only will you always know where these items are, they’ll be safe from home mishaps.

Create A Tax File

Create a separate file for all of your tax documents. We recommend a customizable, portable filing solution for simple and easy transport to and from meeting with your accountant or tax advisor. Organize this file into 10 categories: income (pay stubs, W-2s, interest statements), medical (medical expenses and health insurance out-of-pocket), donations (cash and non-cash donations), real estate (interest statements from mortgage, tax assessments), child care (payment receipts), tax correspondence (important IRS or state revenue service letters), student loans (statements of payment), miscellaneous receipts (any receipts that might be needed for deductions), payments (records of advance payments) and old tax papers (old tax returns). Continue to use your tax file year-round, and you won’t have to scramble for these documents when it comes time to file next year.

Back Up Everything

Make digital copies of important documents and store them in your fireproof box on a zip or thumb drive. Use a secure online organization and security solution to store log-in and password information for bank accounts and credit cards as well as lock combinations or key numbers to your file boxes. Consider appointing a guardian as an additional security measure who knows where and how your records are stored for easy access in your absence.

Make It A Tradition

Select a specific time of year (perhaps when tax time rolls around again) and make your review of these records an annual occurrence. This will ensure your information is streamlined and up-to-date and that finding or organizing this information is never an overwhelming process again.

For more information on document storage solutions including, click here.

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