Organizing Your Tax & Financial Records

I was recently interviewed by Cara of The Household Helper about getting your tax and financial records organized NOW for next year.

Some of the tips we talked about include…

- Create a system NOW: a folder for 2008 taxes where you can easily insert paperwork related to your taxes.

- Rule of thumb: keep copies of anything you will be deducting for 7 years. Keep the tax return as well as the back-up for that return.

- If you are NOT deducting things like utility bills or credit card bills, you DO NOT need to keep those statements (I usually keep them until I know the last check/payment cleared).