Tip of the Month
April is around the corner. The IRS and taxes are being discussed almost as much as the political goings on… Why not think about setting up a system this year so that, next year, it is much easier for you and your family. For most people, the documents you need to file your return are income, deductions and investments. Check with your accountant to see if there are new rules that apply to you in any of these categories. Next, purchase a file box and hanging files for it. Label the first group of files, “Income.” In this you will store every penny you earn – pay stubs, Social Security benefits, rental income, interest on savings, etc. Each category will have its own manila folder. Next do the same with “Deductions.” Include interest paid on student loans, mortgage, credit cards, child care costs, medical bills, charitable contributions, etc. The last group is “Investments.” Put each investment into separate files. Include files for dividends, expenses on real estate, your IRA, etc. Update these files each month in the coming year and next tax season you will be far ahead of the rest out there sorting through piles of paper! Once you have filed your 2015 return, put all documentation together along with your finished tax return. Check with your accountant and eliminate past returns he/she says are no longer needed. Now, you’re ready to greet next April with less time and headaches devoted to the IRS.
Credit cards accepted • Bonded and insured