Have you ever torn your house apart looking for that last bit of tax information needed for your tax return, Sure that you had safely stored it in your sock drawer? Or pulled an all-nighter on April 14 preparing your tax return because you spent the previous three days searching for documents and receipts?

There are a few tips to help you take control of your personal tax records. Besides saving time and frustration, an organized recordkeeping system pays off in a couple of ways.

Organized records will make your tax preparation easier and less time consuming. Keeping thorough tax records throughout the year may also remind you of a tax deduction you might otherwise overlook. If the Internal Revenue Service ever questions your return, adequate back-up documentation may help you avoid additional taxes, interest charges and penalties.

Good records will give you a better handle on your overall financial position and help your certified public accountant identify financial and tax-planning opportunities.

Create a filing system

You will need hanging files or manila folders as well as some sort of container to hold them. A metal filing cabinet works well, but if space is a problem a cardboard box or accordion files will also work. Some people find electronic file keeping a good option as well.

A valuable tool in your effort to get organized and eliminate the paper nightmare is a paper shredder. Shredding unneeded documents that contain personal information is smarter and safer than simply throwing them in the trash.

You will need a location in your home or office for “current files” and a place for “dead files.” Current files contain the information you will need to file your current year tax return. These are the files that you will be adding to regularly throughout the year. These files should be conveniently located. Dead files contain the tax records from previous years and will not be accessed often. An out-of-the-way, safe, and dry corner of your basement or attic works well for dead files.

You will want to start a file for this year’s tax return and use it to store all the paperwork you and your CPA will need to prepare your return. This includes all your income records, as well as back-up documentation for deductions, including receipts and cancelled checks.

As you receive W-2s and 1099 forms in January and February, they can be added to your tax file. With the exception of last year’s tax return, which you may need to refer to from time to time, all previously filed tax returns and supporting documentation can be moved to your dead storage area.

Many banks do not return cancelled checks each month but include images of the checks that have cleared the account during the month. These statements can be easily filed in your current year tax file. If your bank returns your cancelled checks, checks that support tax deductions, such as those for charitable contributions and tax payments, should be saved and filed with your tax return.

The question that we are asked most often is “How long should I keep my tax records?” The absolute minimum is three years from the date you file your tax return, because that is how long the Internal Revenue Service has to audit your return. However, you should keep in mind that the limit increases to six years if the agency suspects you have underreported your income by 25 percent or more.

If you take time each month to file your tax documentation, April 15 will be a pleasant spring day for you because your tax return was filed long before this dreaded day.

Susan L. Mange is a certified public accountant at Silas Simmons, LLP in Natchez.