Tax time got you feeling a little befuddled? Are you ready for a change?
Financial and tax related documents always present organizational questions-sometimes nightmares. Since tax time isn’t that far off we thought it would be good to call a professional. This month’s ask an expert is Mary Kiser, CPA. We asked Mary if she had any tax related organizing tips we could share with our readers.
1. Mary suggests bringing an organized file to your tax preparer.
2. Mary recommends keeping all documents for 7 years-tax returns, back-up receipts, etc. Other information such as settlement sheets for real estate purchases, brokerage statements that detail the purchase of securities that have not yet been sold and other “permanent” information has to be kept much longer-possibly forever.
3. If you own a business, Mary says to keep your records up-to-date throughout the year.
4. Mary says to talk to your tax preparer during the year if you have any questions or have to make a major financial decision. The time to make a lot of tax related decisions is before the end of the current year.
As always, if you ever feel you need professional help with setting-up and/or maintaining bill paying systems, files or mail-don’t hesitate to call Absolutely Organized.
Jenny Power, Absolutely Organized, LLC