April 15 has come and gone and beginning April 16, it's "Happy New (Tax Preparation) Year!" That means the clock started again with an eye toward next year's tax preparation. 

Keeping better records can relieve some of the stress of filing taxes. If you dread the scramble of getting your documents ready for our review, now is the time to set up a new filing system that works better for you. Here are some ideas for setting up a simple, three-folder system to help when you're getting ready to bring us your documents:

• Folder 1 is for all income, including any income from wages. Don't forget to include additional income such as money from redeeming savings bonds or gambling winnings.
• Folder 2 is for deductions, which can really add up during the year. You may want to keep separate folders within for items such as investment-related expenses, medical bills and child care costs. If you're incurring mileage costs for a charity, remember that you can deduct that, too, so keep a log. 
• Folder 3 is for investments. The best way to keep these documents is by the way they are taxed. Deductible/tax-deferred investments, non-deductible investments and taxable investments are the categories to track.

While we're all heaving a sigh of relief that tax season is behind us, it isn't too soon to be thinking about how to make next year more streamlined. Please let us know if there's anything you need to help us help you!