Week Three- Running thru life while doing Taxes

So I am offically done with our 2010 Federal and State tax returns.  I have been doing my taxes since I was 16 and have become quite efficient in preparing for them and getting them done. 
This is because I have a system. 

Step 1: ORGANIZATION  

I have an accordion plastic folder at home very similar to the one below. 
It has been deemed "Our Tax Folder." 

It actually starts in the back of the folder with our previous taxes- the oldest being the farthest back from the front. Each year gets a slot- so starting from the back we have 2005, 2006, 2007, 2008, 2009 (closer to the front).  This also makes since because when doing your taxes each year you may need to refer back to the last years taxes  

Then starting at the front I use separate tabs for collecting this years tax information.

The tabs are as followed

1) Income-  W2s, Sold stock, Savings Interest Statement, etc

2) Deductions-  Paid Mortgage Interest, charitable contribution receipt, salvation army deductions, my certifications receipts, etc

3) Joe's school paperwork-  this one is new this year!

You may ask why I do it in this particular order... Answer... this is the way TurboTax guides me thru doing my taxes.  So Joe and I both place receipts or statements in the designated spot when we have deductions thru the year- so they are all in one place. 

So when all the tax forms started rolling in two weeks ago-
I filled them in their section until it was time to do taxes. 

Some people ask how I get my forms so fast- well I am fortunate that ALOT of them you can download off the web- our W2s, Stocks, etc.   In fact- I get emails from my job, and my credit union stating when the online forms are ready for my viewing. 

Also, I like doing ours early, because we are fortunate to get money back (mostly due to our mortgage, and other deductions that we currently have).  I know this might not always be the case.

Step 2:  KEEPING MY HUSBAND AWAY!!!  While my husband thinks he know everything... he does not know taxes.  I have done our taxes for the last four years and I will be the one who continues to do them until they get to complicated for me to handle.  My husband now understands this and has learned to help in other ways- like making me a "Hot Cider" to drink while I was working on them. 

Step 3: BUY TURBOTAX

We are fortunate to have simple taxes with W2, Credit Savings Interest, Mortgage Interest and Stock Interest Deductions.  For this reason, I love turbox tax.  We buy TurboTax Deluxe because it includes 1 free state which is all we need.  I always get it from Costco because they have a $10 coupon for it and then my dad and I split the cost.  (He borrows the CD after I am done- it ends up being around 15 dollars for each of us- what a deal!!!)

Furthermore, each year Turbotax will import the stuff from the previous year (like personal info, previous years taxes, etc)- this saves you time.  TRUST ME. 

So one Sunday at 2pm, I stat down with my folder and proceeded to crunch out our taxes in about 1 1/2 hours.  Not too bad.  I then hit save and stepped away from the computer.

The following weekend- I went thru all the sections again ( I like to double check everything) and filed our federal return electronically and mailed our state it.  (I do not know why but I can not come to paid to file our return electronically.... call me cheap! (Especially since you still have to mail in W2s, etc) 

So glad taxes are done!!!  YEAH!!!!!