Using Time Wisely

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Tax Records: 2012 Tax Documents

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Tax RecordsI have always been very careful with my tax documents. Up until a few years ago, I submitted all documentation by mail and kept our information offline.

When the IRS stopped sending the tax forms, I looked to the Internet to get the needed forms and to electronically file our taxes. Shortly after that move, the state of South Carolina had a security breech.

Now, I am very thankful that I opted to wait for our return and get a paper check. By doing so, the hackers were not privy to our bank account information.

In keeping our tax records together, I file 3 sections of paperwork which comprises our 2012 tax documents.

2012 Tax Documents

With federal, state, and electronic filing paperwork, I keep the following documents within the 11th file opening of File Box 3:

Federal Tax Documents

    • Copy of tax refund check
    • Federal Income Tax Return with Schedules

State Tax Documents

    • Copy of tax refund check
    • State Income Tax Return

Electronic Filing Documents

    • TaxAct Declaration
    • TaxAct Filing Instructions for Federal and State
    • TaxAct Status Report
    • TaxAct Confirmations
    • TaxAct Joint Return vs. Separate Returns Analysis

Each of these sections is either stapled or paper clipped together and then one large paper clip combines all three sections into one bundle. This bundle is housed behind our summary sheet and is the first of three years kept within this file opening of our tax records category.

In using time wisely, I keep the main tax documents within this file opening while the specific documents are housed with our last 3 years of documents in a large tote. As I file our taxes each year, I like to compare our returns to see the changes to our deductions based on the new tax laws.

The next set of documents in this file opening is our 2011 Tax documents which I will share next week. Keep on working on those important documents as you will not regret your investment of time. Happy organizing!

Question: Do you elect to have your refund automatically deposited into your bank account? 

Comments

    • Tracy says

      We really have to protect ourselves as much as possible. Honestly, I would rather go back to the paper method, but TaxAct finds all our deductions. In saving time, it is less complicated just filing electronically. Technically, I could pay and then view all the pages. When viewing, I could fill out the paperwork and send it in. However, when the IRS gets it, then put it in their electronic system which was not secured. So, in using time wisely, I do file electronically, but I don’t give out any extra information, like our bank account.

      Thanks for the comment, James. Glad to know we are on the same page. 🙂