Hey Reader,

It's been a long week over here! My younger daughter tested positive for influenza A on Sunday, so we've spent every day since trying to keep the medically complex kid healthy (so far so good! Fingers crossed!). On top of that, I've been slammed with issuing 1099s for my bookkeeping clients & hunting down missing W9s.

Side note: if you're a small business owner working with contractors or service providers, ask for a W9 before you issue the first payment. Their wanting to get paid is great leverage for getting that document.

You're going to start receiving tax-related documents, both physical & digital, soon, so today is the best day to set up a system for getting all your tax things organized.

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Follow these steps to organize your tax documents in less than 5 minutes a day.

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Step 1

Download the free Tax Prep Pack and print it out so you can check off specific documents as they come in

Step 2

Grab a fold & label it with the tax year. Put the Tax Prep Pack printouts in the folder

Step 3a

Whenever you get a tax-related document in the mail, throw it in the tax folder. Note the document on the correct Tax Prep Pack page.

Step 3b

When you get an email with a tax document or notifying you that a tax document is available online, print it out and throw it in the folder. Save a digital copy as well. Note the document on the correct Tax Prep Pack page.

Step 3c

Add any other relevant backup documents to the folder when you add the official tax document.

Step 4

Repeat

When it's tax prep time, that folder is going to be very helpful. Once your tax return is filed, add a paper copy of the return & supporting documentation to the folder, so everything is in one place.

Keep this folder for at least the next 7 years, in case of an audit.

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Hope that helps! I'm a big believer in making things as simple as possible... and throwing papers in a folder as soon as they come into your house is the very definition of simple.

Before you go, let's be friends! Find me on Facebook, Instagram, or Pinterest (all @ balancedfi)

Enjoy,

P.S. print out your free copy of the Tax Prep Pack to eliminate some of the stress of tax season

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