By Daryl Ashley
Confusion Solution
It just keeps being winter, bringing with it low motivation and readjustments. The upside is that we have time to regroup. We have time to spend with our kids when they are out of school and time to do our taxes.
Yes, it’s that time of year when we rummage through our paperwork to find the necessary information to do our taxes ourselves or take them to someone more qualified.
When it comes to paperwork, we have varying methods for staying organized. Some of us use folders with tabs while some of us use online services to manage our documents. No matter what you use, you will still have paper for certain things. It’s always best to deal with important records regularly to avoid trying to gather everything at the last minute. Once you have everything in order it will be much easier to begin the filing process.
According to the IRS, you only need to maintain your taxes for three years, however, there are circumstances that would require long-term storage. For instance; your home, your car, loans, and investments are some of the things that need to be kept. When in doubt contact your CPA or the IRS for information.
Use this time to get ahead of the deadline. Revel in the fact that once you file, you won’t have to do it again for another year. Just remember to keep your documents in order before tax time comes around again.
It’s as simple as that!
Send your questions and comments to me at info@confusionsolution.com
