by Lisa Mazurek

Created on: February 13, 2009   Last Updated: March 30, 2009

Is it that time of year again? Taxes. I know your probably running around looking for receipts and paperwork from last year. Well, for some people it is easy to do their taxes. But this isn't true for everyone.

For the small business owner, salesperson, self employed or anyone who claims expenses and who needs to keep track of more paperwork it can be a very hectic time of year. That is why it is very important to set up a system. Yes, it is a lot of paperwork, but there are ways to simplify everything. Once you get a system going, you will be asking yourself why you didn't do this earlier.

It still isn't too late to save yourself this year. As for receipts, you can always use your credit card statements. You will need to make some calls but I'm sure your bank will help you find what you need. Checking accounts can help if you used one to purchase supplies or equipment. You can always get copies from your bank. Companies that you do business with will write you receipts.

Now, your gas expense is another story. I was always told you need to write mileage down in a log book daily even if you keep gas receipts so hopefully you have been doing this. If you don't have one, remember to get one.

For all the income you have made you should have your W2, 1099, invoices and receipts from customers. No matter how you made your income you will need to prove you actually made it.

Don't forget about donations that you made throughout the year. This could be cash, clothes or a car. You should have receipts for this too. If worse comes to worse, go to the professionals like H & R Block. They seem to know everything.

For next year, purchase some file folders and label them. Here are some ideas. Office supplies, misc. expenses, doctor bills, insurance expense, home expenses, donations, car expense or repair, prescriptions, lottery losses or winnings so it is a good idea to save all those loosing tickets. It is important to show every bit of income so we need to show all our expenses too.

If your self employed, keep track of jobs, you can make your own log sheet. Write down the date of the job, customer's name, job number, invoice number and the amount charged. For every job there is usually an expense, so keep track of supplies, equipment, mileage and labor for that specific job. My suggestion is to write a certain number on each receipt to keep track of certain jobs or the name on the job.

When it comes to receipts always get written ones. If you think you don't need one, get it

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