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Podcast Episode 10 — Organizing Your Paperwork For Taxes (Both Personal and for Business)
Do you do your own taxes? Do you have an accountant do them for you? No matter what the answer is, you’ll need to have your paperwork organized to make sure they’re done properly.
At the most basic level you’ll need to have your W-2’s or 1099’s for your employment income. You’ll need to have your 1099-INT’s if you collect interest on any accounts and any 1099-DIV’s if you have any investments. Additionally, did you contribute to a traditional IRA or a Roth IRA? You’ll need that information too. Did you make any charitable donations? You’ll need the receipts from those. You’ll also need your statements from your health insurance company that indicate that you had coverage for the year.
The easiest way to keep everything straight is to make a folder specifically for tax paperwork, and each day when something tax related comes in the mail, put it in the folder.
If you’re self-employed, you’ll need to keep track of some additional things as well, such as all health expenses. These include premiums you paid, copays for doctor visits, dentist bills, copays for laboratory work and x-rays, hospital copays, out-of-pocket prescription costs, the cost of eyeglasses or contacts, and the cost of any medical equipment. When it comes time to do your taxes or…
