Itemizing our deductions?.a necessary ?evil?..ugh… - Posted by SusanL.–FL
Posted by SusanL.–FL on December 17, 1999 at 08:48:07:
But oh m?gosh, the paperwork involved!!! Don?t know if I am making a mountain out of a molehill about this but I wish there were an easier (and faster) way to maintain all of these receipts (aside from hiring a bookkeeper to do it ?a luxury which I can?t afford right now).
If you guys have any ideas, believe me, I am ALL ears.
What I have been doing all these years is—I set up separate folders for the various categories (gasoline, stamps, medical, office supplies, etc.) Then for the real estate investments, I just set up separate folders for each property and throw the respective receipts into each folder. Then at tax time, I just tally up each category and log it onto a sheet for my CPA at income tax time.
A separate drawer for banking-related stuff: checking accounts (had 7 or 8 going last year?but have since pared down), savings accounts, IRAs, credit union, etc.
Believe me, I could make a CAREER outta filing receipts!!
I have to say, though, that the volume (of receipts) HAS diminished somewhat since the days of independent contactoring (in our jobs) and also now just holding the Notes (on properties) as opposed to ?landlording? (with repairs & other property-related expenses).
Several years back I had FIVE file drawers of folders to go through and tally up!!! It was horrendous—but I just had to put my mind to it and folder by folder I got through it.
Any tips or shortcuts?? I?m a ?quick study?. Thanx!