Organizing your documents for tax season

If you haven't received any tax documents in the mail yet, you likely will soon. The end of the year is when employers start sending out W2 forms, and you can expect all kinds of other documents from banks, mutual funds and brokerage companies.

Getting these forms isn't normally a problem, but oftentimes taxpayers have their work cut out for them when it comes to organization. There's nothing worse than realizing at the last minute that you don't have everything you need to file your taxes. In order to avoid chaos this year, use an H&R Block promotion code to get discounts on products and services and keep in mind these tips for storing and keeping track of your forms.

Instead of banishing every tax document you receive into a file folder or an unruly pile on your desk, it may help to create separate folders for each type of document. A financial contributor for Good Morning America suggests designating folders for income, investments, expenses and deductions.

Your income folder will hold every document that has to do with how much you make, including your W2s and any 1099-MISC forms. The investment folder will store 1099s and any year-end statements from your bank, brokerage and mutual funds. Expenses will include your mortgage statements and other big-ticket item receipts. A deductions folder will include charitable donation forms as well as any related receipts.

Once you have everything organized, you should make a checklist of everything you need to file your taxes. This includes all of the forms in the folders, as well as additional information like your Social Security Number, student loan documents, bank account and routing numbers (if you pay electronically) and other related information.

Don't forget that you can save money on filing your taxes by using a FreeTaxUSA promotion code, which could let you file your taxes for free.

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