November 9, 2012

How to Stop the Paper Trail – Receipt Storage

Let’s continue working through our paper trail, shall we? This week we’ve been tackling receipts.  A few people wondered why I was sorting receipts…..if you itemize taxes and take deductions, you need to keep those receipts for at least 7 years in the event of an audit. So the receipts pile up.
Here are some guidelines from Bankrate.com.
Here’s the process I used to sort through my receipts:
1. sort them by year
2. then into categories that make sense for your filing system – my categories are:
food + entertainment
home improvements
gas + travel
medical
I put three years’ of receipts in one plastic box – as long as the envelopes are labeled, this is a great way to consolidate receipts and save on storage space.
You could use a shoe box, a small plastic box, large envelope, or another type of storage container.
I used these plastic storage document boxes:
Let’s talk receipts, shall we? What are you doing for your receipt storage?
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