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Tips for Tax Time

Keep Uncle Sam from knocking on your door.  Here are some tips to get organized for this tax season and to stay organized throughout the year.

Get organized for the 2011 Tax Year

Collect your necessary documents:

  • W-2’s / 1099’s
  • Mortgage Interest Statement (1098)
  • Bank Interest Statement (1099-INT)
  • Broker Statement (ex. 1099-DIV)
  • IRA Contribution Statement (5498)
  • Charitable donation receipts

Call your tax professional now and make an appointment.

Write down all questions and concerns for you tax professional.  When you’re at the appointment, sometimes your tax professional is asking so many questions that you may forget yours.

Once complete, you can shred taxes from 8 years ago, which would be 2004.  I’m paranoid, so I like to scan all tax returns before they hit the shredder.

Staying Organized Throughout the Year

  • Keep your receipts in one spot.  I already have my “2012 Taxes” envelope for all receipts I need to save for next years’ taxes.
  • Create a file folder for “Current Year Taxes” and “Prior Year Taxes”.
  • Create a virtual folder in your email for “Taxes 2012” or “Donations”.  I have both.  I save email confirmations for donations, purchases for my business, medical expenses, etc.
  • Write down your write-offs from 2011 and remember to keep track of those expenses this year.Example:  Cell phone bill.  I save a copy of my cell phone bill as a PDF in my “Taxes 2012” folder on my computer.  It will save you time and a huge headache at year end.

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