Ready for those Tax Documents?

Did you know that the average person spends 21 hours assembling and completing a tax return?  Here are some simple habits that will cut down on the amount of time it will take you:

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 all of 2012.  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.

Lastly, I noticed that my bank recently added the ability for me to "code" each of my checks/debits when I log in online.  I am going to create a code for "tax-related items" and begin coding now.  This should make next year a breeze.  I wouldn't be surprised if my credit card company website has the same capability.

For more information, go to http://www.laurawilcox.info

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Wilcox Financial Advisors, s.c.  10521 W. Layton Avenue, Suite 200 - Greenfield, Wisconsin  53228 - (414) 529-5599

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Registered Principal, 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 and Wilcox Financial Advisors, s.c. are not affiliated.