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Organize now and you won't be as miserable at tax time
Date published: 1/26/2009
BY KIM BAER
It's cold outside. Time to cozy up to some nice, warm tax documents, and other important financial and family records. We realize that doesn't exactly sound inviting. But let's face it. It makes sense to get tax information together now and beat the spring filing rush. Why not get the rest of the paperwork in your life together while you're at it--everything from vital records to takeout menus. Here are some ideas: 1. TAX RECORDS Start with a tax organizer sheet, says Amanda Pittman, a certified public accountant with Miller Foley Group in Fredericksburg. Her accounting firm has a printable tax organizer on its Web site, millerfoley.com. Click on "info," then scroll down to tax organizer. Fill out the form and attach supporting documents. Note what takes you the longest to complete. Is it tracking down receipts for charitable deductions? Look for easy ways to stay on top of it in 2009. For charitable deductions, for example, get an envelope or file for stashing as you go. "Make it easier on yourself for next year," Pittman said. Keep a copy of the tax return with supporting documents. The Internal Revenue Service provides information, such as how long to keep records, in Publication 552, Recordkeeping for Individuals. The publication is available at irs.gov. 2. OTHER FINANCIAL FORMS Start simply, advises Irene Leech, associate professor of consumer studies at Virginia Tech. Designate a place to put bills, receipts and other similar items. The spot doesn't have to be fancy. A cardboard box or a drawer will do. Go through the box once a month. Pay the bills and file other records, such as credit card statements and receipts for big ticket purchases. At year's end, go through the files. Take out what you need for taxes and throw out what you no longer need. 3. FAMILY RECORDS Keep important documents in a safe deposit box or fireproof safe, recommends Sue Marie Bowling, a professional organizer with Prescription for Order in Stafford County (rx4order.com). These documents include birth certificates, marriage certificates, copies of insurance policies and a home inventory. Think of all the records you'd want heirs to have, including family recipes and histories.
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