Tuesday, December 20, 2011

Here comes tax time! Take time to gather your tax data as soon as possible. You should round up all receipts and gather canceled checks, such as those from charities; check your latest brokerage statements for year-to-date gains or losses; make a checklist of accounts to keep track of the 1099s, if any, when they arrive; and get medical receipts and insurance reimbursement forms in order as well as caluclate the total for health insurance premiums paid. If you start organizing your files now, it will be easier to avoid a last-minute rush to our office. It is much easier to have the originals or to request replacements when you have time, instead of discovering at the last minute that you are missing some item that prevents you from finishing your tax return by the due date.