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Blog: Minimizing Financial Clutter
One More Way to Drive Your Accountant Crazy at Tax Time - #4



I'm sure your accountant is a smart fellow (or gal). But there are certain things he simply can't know – unless you give him the information.  "What information?" you ask.  Well, for starters, all of those pieces of important-looking mail you received in the mail during the month of January.  You know, the ones that have the words IMPORTANT TAX DOCUMENT ENCLOSED on the outside of the envelope.  Yes, those pieces of mail!  Without them, your poor accountant has a dilemma:  He can either prepare your tax return without them (which is not a good idea, since the IRS already knows how much money you made last year), or he can send you desperate e-mails in which he begs you to please, please, please find those missing W-2s and 1099s because he can only sit, twiddling his thumbs, until you do.
 
So, be kind to your accountant.  If you haven't already gathered your IMPORTANT TAX DOCUMENTS, please go find them RIGHT NOW, rubber band them together, and put them in a safe place.  Go ahead, I'll wait for you…
 
…Did you find them all?  If so, that's GREAT!  You can go watch the Super Bowl or the Lingerie Bowl now.  If not, then use the table below* as a guideline for the documents you might need to locate so you can give them to your accountant:
                       
 
If you…                                                            Then give to your accountant…
Are still working                                                 W-2 from each employer
Receive Social Security income                           Red Form 1099
Have CDs, brokerage, or investment income     Form1099 from each financial institution
Receive a pension                                              Form 1099
Took a 401k/IRA distribution                              Form 1099
Contributed to an IRA or 401k                           Form 1099
Had medical expenses                                       Medical expense records
Paid mortgage interest                                      Form 1098 from each lender
Received a state tax refund last year                Form 1099-G
Made charitable contributions                            Receipts from charities
Paid investment expenses                                 Brokerage Form 1099
Had non-reimbursed job expenses                    Total amount
Had sale or redemption of securities                  Brokerage Form 1099
Sold or purchased a home                                  HUD-1 settlement sheets
Had any partnership or shareholder activity       Form K-1
Paid estimated tax payments                             How much & when you paid
Paid or received alimony                                     Total amount(s)
Had a loss due to theft or casualty                     Records
Received unemployment income                         Form 1099-G
Had business income or are self-employed        Business expense reports
Have childcare or dependent expenses             Name, address & EIN or SSN of care provider
Have rental property                                          Income and expense reports
Have dependents                                               Legal names & social security numbers
 
 
 
*The information in the table was obtained from Legacy Associates, LLC in Lutherville, MD.  This is general information.  Please consult your personal tax advisor for advice related to your individual situation.
 
Hats off to our accountants, brave warriors for us that they are!  Let's each do our part to make their lives a bit easier this tax season!

posted on: 2/3/2008 11:30:00 AM by Katherine Trezise
category: Finances


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Minimizing Financial Clutter


by Katherine Trezise

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About Katherine:

Katherine Trezise is president of Absolutely Organized, based in Baltimore, MD. She is president-elect of the National Study Group on Chronic Disorganization. Katherine holds a masters degree in business administration, is a Certified Professional Organizer® and a Certified Professional Organizer in Chronic Disorganization®. Absolutely Organized specializes in helping people organize their homes, paperwork and financial records to make room in their lives for the things, people and activities that are most important to them.

Katherine's Website:

www.absolutely-organized.com




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