Create envelopes for the previous tax years.
How many tax years of records should you keep? Call your tax attorney or your accountant and ask. Some people say seven; some say three. If you’re committing tax fraud (and I pray you are not), you should keep them forever, or so say some people. After talking to my former CPA (I have a new one effective this week!), my husband and I decided to scan and shred all of my tax records prior to the year I married (which was a little more than seven years ago). The remainder I’ve kept in paper form.
At any rate, just create the envelopes now. We’ll work on organizing the tax records in the coming days.
Time required: Less than 15 minutes.
Note: Yes, we’re still doing some of the easier tasks because, quite frankly, there are a few of you still working on shredding receipts from 1976. My parents handled this task a few years ago after my father medically retired. I know how long this process takes, so I’m giving some of you some time. If you’re getting antsy, feel free to organize your stockpile or your silverware drawer. Or do what I did yesterday: Walk through your home and decide to get rid of some things. I gave my mother my foot bath and donated a bunch of tile I was never going to use to Habitat for Humanity Restore.