Use Envelope for a Year's Worth of Receipts

I have a tip for organizing your receipts for income tax. Every year in January, I get a medium brown envelope and write on it "Tax receipts 200?" (whatever year is the current one). I put all my receipts in it through the year. Then, the next year when it is time to file your income tax return, your receipts are together and they are easy to sort into categories.

Filing made easy for the accountant and yourself. You are not wasting time looking for receipts and trying to remember where they are.

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xintexas
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November 21, 20111 found this helpful

Yes I agree with that. Being doing this for years also and it is easy to get organized when the time comes for taxes. I have a small business and I do that also with the receipts.

Anonymous

January 26, 20160 found this helpful

I completely agree with this tip. for the last 2 years I've been saving all of my receipts into an envelope and having everything together for tax season. the only difference is that instead of going through the stack and organizing it myself, I send it to this service called Shoeboxed.

They scan everything and also categorize the receipts (using tax categories) and extract the information, and then they send them back! So I also have digital copies of everything in case of any emergency, or if I need to easily search for something

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