Get Organized: How to Scan, Save, and Shred Your Tax Documents
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You must first do something with every document you get, regardless of whether you are receiving a receipt from a business expense, or a W-2 form for an employer. It might be scanned. It might be scanned and placed in a file. It doesn't matter what you do with it. Some of the documents may need to be given to an accountant or another person, at least by the deadline. To protect your privacy, it is important to properly dispose of all documents.
If you break down the entire process in order to anticipate how you'll use and refer to tax documents at a later date, you can come up with a method for scanning, saving, and eventually shredding files, so that you don't inadvertently make more work for yourself along the way.
This includes any information that was mailed to your employer, real estate, bank accounts and donations. For year-end tax purposes, you should save any documents that were generated or provided by others.
Tips on the IRS website Note that all records are "bills and credit card receipts, bills, mileage logs and invoices.You'll likely take all tax documentation and put them in a drawer, box or folder. You can put all your tax documents in a box, drawer or folder. You can scan your documents on a large desktop.
A multifunctional printer with a scanner is a good choice if you have large stacks of pages to scan. A if you have only a few loose documents to scan, you may be more comfortable using one of the many free mobile scanning apps mobile scanning app. These apps turn your smartphone into a scanner. The followingscanner automatically detects the edges and converts images into PDFs. You should definitely give it a shot if you have never tried one. It's very easy to use.
Once you scan your documents, the most beneficial thing you can do to help yourself later is to name the files intelligently and stick them in a folder with a very clear name, such as You'll likely take all tax documentation and put them in a drawer, box or folder2016 TAX DOCUMENTS.You'll likely take all tax documentation and put them in a drawer, box or folder.
Use both the tax filing year and the words You'll likely take all tax documentation and put them in a drawer, box or foldertaxYou'll likely take all tax documentation and put them in a drawer, box or folder and You'll likely take all tax documentation and put them in a drawer, box or foldertaxesYou'll likely take all tax documentation and put them in a drawer, box or folder in your computer folder and in the names of your files. This will allow you to search for the files later if they are not in your computer folder.
For example, a good file name for a 2016 1099-INT from Duffy Bank would be: 2016-TAXES_1099-INT-DuffyBank. It doesn't hurt to save digital copies of your tax documents indefinitely, but you can of course safely dispose of paper copies after a few years. The followingIRS provides guidelines on how long documents should be kept. You can shred any document from 2009 and earlier if you prefer to be cautious.
Owning your shredder can be a great option if you own a small business with sensitive documents. The followingprices range from $159 up to $329. The following Swingline Style+ Super Cross-Cut Shredder ($113.36 at Amazon) The most affordable of all the highest-rated models.
doing Your taxes should be done as soon as possible. Although you have until April 18, technically, it is best to get your taxes completed sooner for peace of mind. You'll receive your refund sooner if you are eligible for it You'll get a refund sooner if it has to be paid.
Although you can get an extension, it is better to avoid dealing with this kind of stress. You should also consider that you have a better chance of reaching someone if support is needed at your tax filing service file your taxes at the last minute.
We recommend these two services to help you with your tax preparation for 2016. TurboTax Self-Employed This is the best option for people who are looking for the friendliest interface, the greatest support and even the possibility to video-conference professionals so they can review your returns in real time. TaxAct Online Premium ($113.36 at Amazon) This is Editors Choice for tax preparation on a budget if you don’t require as much assistance. Check out our list of the Best Tax-Preparation software For more information, see our roundup of the.