10 WAYS TO GET ORGANIZED

The no-panic tax system

If your receipts look like Mount Everest, take a deep breath and don't fee you have to do it all at once "Any difficult task is bets broken down into smaller, more manageable parts," says organizing expert Linda Rothschild, owner of Cross It Off Your List in New York City. Sit on the floor, take a small pile at a time and put them in order. If it seems insurmountable, ask a friend to help you sort. Organizing it with someone who isn't a high-priced accountant makes it easier and faster.

Get ready for next year by setting up a tax file out of an expanding manila folder with 28 slots. Label each slot in alphabetical order by categories like credit cards, donations, dues, pay stubs etc. Only receipts and paid bills go in this folder. When you pay a bill, put the receipts in the right place and everything will be organized for next year. After you file your taxes, put a rubber band around this file, date it and store it in an out-of-the-way place.

How long should you keep your tax returns? The rule of thumb is four years, though Rothschild feels that returns should be kept indefinitely and receipts chucked only after checking with your accountant.