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52 WEEKS TO FINANCIAL ORGANIZATION: #1 – Set Up for 2009

Happy New Year! Every Sunday in 2009, I'm going to give you one very "do-able" task to complete during the coming week that will help you gain control of your financial records.

Week #1 – Set Up File Folders for Your 2009 Paperwork

Create a file folder for each of the following categories that apply to you:

· Pay Stubs (1 folder per employer)

· Bank Statements (1 folder per account that pays you interest)

· Dividends Received (1 folder for stubs from dividend checks received)

· Other Income (1 folder for each source of other income, such as Social Security benefits, pension income, rental income, or alimony received)

· Adjustments to Gross Income (refer to your 2007 tax return – lines 23-37)

· Charitable Donations

· Medical, Dental & Vision Expense Receipts

· Prescription Receipts

· Health Insurance Explanation of Benefit Statements

· Taxes (such as real estate tax, quarterly estimated income tax payments & personal property tax)

· Mortgage Statements (1 folder per mortgage company)

· Other Interest Paid (1 folder per lender)

· Unreimbursed Job Expenses

· Miscellaneous Deductions (such as tax preparation fees, investment fees & safe deposit box)

· Tax Forms (use to collect your 2009 tax statements next year)

Not sure which folders apply to you? Pull out your most recent federal tax return (probably your 2007 return) and look at the first two pages and Schedule A. You should have folders for documents pertaining to each line of the tax return that has numbers in it.

Label your new file folders this way:

Pay Stubs – XYZ Company – 2009

Bank Statements – ABC Bank – 2009

etc.

Remove your 2008 tax-related folders, and then incorporate your 2009 file folders in your existing filing system. No current system? No problem! Simply put your 2009 tax-related folders in a file drawer or file crate. You're all set to be able to file your tax-related paperwork as it arrives during the year – and next year, tax season will be a breeze!

posted on: 1/11/2009 11:30:00 AM by Katherine Trezise
category: Finances

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Discuss This Post

by Jo on 1/12/2009 8:57:18 AM:

Thank you for this system to follow. I will try it not only with my business but with my personal files as well.

by Jo on 1/12/2009 8:58:51 AM:

Also, is there a special link where we can view the rest of the weeks' "jobs"?

by Madeleine Jones on 4/6/2009 4:50:27 PM:

Is there one page that has each of the previous week's task and link? I'm eager to get caught up with you!

by Katherine Trezise on 6/18/2009 1:18:53 PM:

Madeleine, Thanks for writing. To see all of the articles, go to Online Organizing's home page. Near the top, on the right, click on "Blogs". Then click "Directory of Bloggers". Then click "Minimizing Financial Clutter".

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Minimizing Financial Clutter

by Katherine Trezise

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About Katherine:

Katherine Trezise is president of Absolutely Organized, based in Baltimore, MD. She is president-elect of the National Study Group on Chronic Disorganization. Katherine holds a masters degree in business administration, is a Certified Professional Organizer® and a Certified Professional Organizer in Chronic Disorganization®. Absolutely Organized specializes in helping people organize their homes, paperwork and financial records to make room in their lives for the things, people and activities that are most important to them.

Katherine's Website:

www.absolutely-organized.com