Welcome to March!
I have good news, bad news, and more good news to talk about this month.
Let's start with some good news.
We are at the tale end of winter YA!
For all of us that have had enough snow to last us for the next five years, sunny, warmer weather is just around the corner.
The bad news.
We are coming up to tax season. For those of you who are lucky enough to receive money back this isn't so bad. For those who have to pay, this is the time of year you would like to forget.
So this month lets deal with the subject of taxes.
Let me put this out there from the beginning, I am by no means an expert on taxes. In fact I leave it all up to my husband and our tax preparer to take care of this. So you ask, what am I going to talk about.
Well, being an organizer I do help though out the year by collecting any necessary papers we my need to file.
Following is a list of what should be keep according to the IRS:
Regarding Income: form-W-2, form-1099, bank statements,
brokerage statements, form-K-1
Regarding Expenses: sales slips,invoices,receipts,canceled checks or
other proof of payment, written communications
from qualified charities
Regarding Home: closing statements, purchase and sales invoices, proof
of payments (mortgage), insurance records, receipts for
improvement costs
Regarding Investments: brokerage statements, mutual fund statements,
form-1099, form-2439
In my files I have a a folder labeled TAXES so that when I come across any such papers I know exactly where they go and where I will find them come March.
There is a great source of information for individuals on taxes and that is Publication 552 which you can get from the IRS at
www.irs.gov.
I keep this copy in my tax file and yes it is easy to read.
It contains information like: why keep records
kinds of records to keep
how long to keep records
how to get tax help.
I hope I haven't depressed too many of you, in fact this would be a good time to tell you the final good news.
For those of you getting money back congratulations and spend it wisely, for those who have to pay, you have a whole year before this comes around again, so save your pennies.
Live Simply,
Joan
