April is here and the deadline for filing taxes is looming! I’m the first to admit that I don’t love tax time because the abundant paperwork can be overwhelming unless you have a good system. In order to combat the stress of taxes, I find that spending a little time to organize documents throughout the year helps speed the process of getting things in order for smooth tax filing.
In honor of being done with our taxes, I wanted to share some fantastic tips from Master Lock about how to organize paperwork if you’re taking advantage of every last day up until the April 18 deadline. (We get 3 extra days because the 15th is on a Friday!) I also love the Master Lock Vault, a secure online organization and security solution that you can learn more about below.
After Master Lock’s tips, there’s a great giveaway that can be useful this year and for years to come! Thanks Master Lock!
Tips for Organizing Paperwork for a Smooth Tax Filing from Master Lock
There’s no better time to sort through the growing pile of papers in your home office than when you’re preparing to file year-end taxes. While organizing paperwork and personal files can seem like a daunting task, it certainly doesn’t need to be. Master Lock has provided five tips for organizing and safely storing important documents for a smooth tax filing process and more organized year.
1. 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.
2. 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 ($30). Not only will you always know where these items are, they’ll be safe from home mishaps.
3. Create a tax file
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| Master Lock 7148D Locking File Box |
Create a separate file for all of your tax documents. We recommend a customizable, portable filing solution such as Master Lock’s 7148D storage box ($19.99) 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.
4. 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, such as the Master Lock Vault 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.
5. 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.
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| Master Lock 7142D Locking Storage Box |
GIVEAWAY: Win a Master Lock’s 7142D storage box to secure your documents. This large locking security chest features fire retardant insulation, durable steel construction, key lock that includes two keys and measures 4″ x 13 1/4″ x 10 3/4″ to hold standard-size documents.
TO ENTER: Share which of the above 5 tips you find most important and why! Include your email address or Twitter handle in your comment so I can contact you when you win.
Fine print: Winner will be selected on Monday, April 18 from all valid entries and must be willing to supply a US mailing address and phone number since the item will be directly shipped from Master Lock. Leticia- Tech Savvy Mama and Master Lock are not responsible for shipping delays or items lost in transit.
Master Lock provided me with a 7142D storage box for review purposes. No compensation was received for this post.
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Original post by Tech Savvy Mama
©2012
Baking up all information is so important because it is often overlooked but yet such an important security precaution. I also like the tip of having a guardian.
susaaan at gmail dot com
I think #2 is the most important. You can’t really do any of the others if you don’t first have all your important papers together. Also, the most crucial things (as mentioned: passport, SS card, etc.) are a pain to replace!
@skinimini2
Paperwork is the bane of my existence! I need to purge so badly.
I think that the one about Safely store crucial records is the most important because if those fall into the wrong hands you are in big trouble. You will need them a lot. And they are not easily replaceable.
@shopgurl
shopgurl101 at gmail dot com
All 5 are very good. Number 4 the back up of records pictures medical records on zip or thumb drives leaves plenty if room for other important documents and the family jewels.
LLMG1960 – twitter
LLMG1960 at gmail dot com
I think the most important is number four: backing everything up. Until recently, all of my digital files were only stored on my laptop. A friend’s recent laptop disaster prompted me to find a secure way to back-up my files online. My computer is in the process of doing so right now!
-Heidi
writeme at heidimail dot com
I really feel like number 4 is the most important tip. Flashdrives or backup had drives can only do so much, if they break or malfunction, it’s over.
Hope I win, thanks!
Coty
cotysloan at yahoo dot com