1. Right now: Put out three folders or large envelopes and label them “Tax Documents”, “Account Statements” and “Other Stuff”. These folders will hold the plethora of tax-related information that you will begin receiving shortly.
2. Tax Documents: Educate everyone in your household that any mail that says “Tax Documents” goes immediately in this file. No exceptions.
3. Account Statements: Collect all year-end statements that come in the mail in this file. Account statements can be very helpful for double-checking deductible contributions, taxable withdrawals, etc….
4. Other Stuff: Put anything else that is or might be tax-related in this file. Think mortgage statement, real estate tax statement, your last paystub for the year, deductible medical expenses, charitable contributions, other potentially deductible items, and anything that might qualify you for tax credits.
Another thing that you can work on now is the review of your credit card charges and checks/debits for the tax year. The best way to do this is to log in to the website offered by your financial institution and print a summary for the year for each account that you have. Highlight any expenses that are potentially deductible.
Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge Investment Research, Inc. and Financial Planning Center for Women, SC are not affiliated.
This communication is strictly intended for individuals residing in the states of AZ, FL, IN, MI, NC, OH, & WI. No offers may be made or accepted from any resident outside the specific states referenced.
The information being provided is strictly as a courtesy. When you link to any of these websites provided herein, Laura Wilcox makes no representation as to the completeness or accuracy of information provided at these sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, sites, information and programs made available through this site.
Copyright © 2020 Laura Wilcox