Saturday, January 15, 2011

Get organized

The sooner you get organized, the sooner you may receive your refund. Take time today to gather all of your receipts, credit card and bank statements and anything you have spent money out of pocket. Put these documents in a folder or box so you can keep track for tax purposes. You can organize your files in the following categories:
  • Income – pay stubs, bank and investment statements
  • Medical – expenses and out of pocket premiums
  • Donations – cash and non-cash
  • Real Estate – Mortgage statements, property tax payments, settlement statement if you're a first-time home buyer in 2010 and have not yet claimed the credit.
  • Child Care – receipts, provider's address and EIN
  • Tax Correspondences – Ohio and Local Estimated statements
  • Student Loans – tracks loan interest
  • Payments – receipts for tax deductions
  • Mileage Log - needed if you use your personal vehicle for work
During January you will receive the following documents in the mail and you'll be able to file these into their respective categories:
  • W-2's
  • 1099's
  • Mortgage interest statements
  • Bank interest statements
  • Real estate tax statements
  • Investment statements
  • Receipts for charitable donations
Taking time now will have it easier to prepare this year's return. Here are the IRS record keeping guidelines.

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