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Tax Season Is Here; Let’s Get Organized

Tax Season Is Here; Let’s Organized

Tips for staying organized as we get ready to file our taxes.

With taxes due on April 15th, it’s important that we start getting organized.  Whether we plan on filing ourselves or going to an accountant for assistance, there are steps that we can take to stay organized and make the filing process much easier.  Here are some of the things that we can adopt to keep our taxes organized.

  • Create a File for Income Information

First, we suggest creating a file that contains all of the income information we will need when we file our taxes.  This file includes documents like our W-2s and 1099s as well as reports of our salaries, dividends, earnings, distributions, and account interest.

  • Create a File for Expenses and Deductions

For those of us that make a lot of tax deductions, we suggest creating separate folders to organize the different categories of deductions (charity, medical, business, etc.).  Then, include canceled checks, utility bills, statements, and receipts that correspond with each category in their respective folder.  Our expense folders may also include our home mortgage statements, investment-related expense records, medical bills, childcare costs, and employment-related receipts for gas, food, lodging, and so on.

  • Create a File for Investments

In this file, we suggest keeping our year-end investment statements along with all our monthly or quarterly statements, purchase receipts, sale confirmations, year-end overviews, and dividend notices.  Often, we will not need all this information when we do our taxes; however, it’s a good idea to have all this information on hand just in case.

Join us at The Maria Sanchez Show as we get organized this tax season. Don’t forget to check out our latest program, Shadow Politics with Senator Michael D. Brown. Tune in on Sundays at 4:00 p.m. PDT/7:00 p.m. EDT.

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