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Tip Tuesday – Practice Safe Tax
It is essential to have a dedicated folder or file to capture ALL of the important “end-of-year” tax information that is flooding your mail box right now! Don’t let these papers “float” around on your desk, give them a home!
I have a red plastic file folder that is within arm’s reach of where I open the mail. Throughout the year, but especially in January, this is where I put tax notices, charity receipts, and financial information. That way, when it’s time to prepare for tax season, I don’t have to tear apart my desk to hunt down those papers. I have peace of mind knowing that I have captured everything I will need in that one tax folder!
You may receive 1099s, W-2s, donation acknowledgments, information on investments, stock dividend and distributions, interest paid, and more. ALL of this information will be needed to file your taxes. Knowing that these documents are in ONE safe place makes it easy for you to “practice safe tax”!