How can one best organize Paperwork, to be ready next Income Tax time?

Question by ladybug_clovers: How can one best organize Paperwork, to be ready next Income Tax time?
What to keep and what to throw out? How long do you keep records?Do you keep everything in books or just gather receipts?

Best answer:

Answer by mopargrapeape
Keep receipts and put them in a shoe box. If you aren’t sure you’ll need it, save it anyway. Write on the receipt what it was for so you will remember next year. You should keep records and tax returns for 7 years.

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