Monday, January 31, 2011

It’s TAX TIME!!!

Don’t you just love those two words???

I have made my appointment for Tuesday, so I have been getting everything in order for my tax guy, who I must say I LOVE, if anyone needs a good tax guy let me know!!! This time of year can be very stressful if you are not organized. So by setting up a tax file it can save you a lot of time and trouble when it comes time to file your taxes. Try these ideas for organizing your tax files.

Organize your files into the following categories

Income- Include pay stubs, W-2s, 1099s, interest statements, and dividend statements.

Medical- File receipts for medical expenses, and health insurance out-of-pocket expenses.

Donations-Include receipts for both cash and non-cash donations.

Real Estate- File interest statements from mortgage, tax assessments.

Child Care- This file is for child care payment receipts.

Tax Correspondences-Include any important letters from the IRS or your state revenue service.

Student Loans - File statements of loan interest paid.

Misc. Receipts-Add any receipts that might be needed for deductions.

Payments- Include any records of advance payments.

Old Tax Papers- File by year your old tax returns.

HOMEWORK: Call and make an appointment with your tax guy, or if you do it yourself, set an appointment and SCHEDULE it on your calendar so you will follow through!!!

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