CIBC Group, LLC | Business Consultants


Start Early to Reduce Tax Season Stress
Although most people won't be filing their tax returns for several months, October and November is the perfect time to start planning for the tax season by ensuring your records are organized.  Whether you are an individual taxpayer or a business owner, you can avoid headaches at tax time with good records because they will help you remember transactions you made during the year.
Keeping well-organized records also ensures you can answer questions if your return is selected for examination or prepare a response if you are billed for additional tax.  Generally speaking, you should keep any and all documents that may have an impact on your federal tax return.  In addition to tax purposes, you may need to keep records for insurance purposes or for getting a loan. 

Documents to consider include:

•      Proof of income --  Forms W-2, Forms 1099, bank statements, 
       brokerage statements and Forms K-1.

•      Proof of expense -- Sales slips, invoices, receipts, canceled checks or
       other proof of payment, and written communications from qualified

•      Home -- Closing statements, purchase and sales invoices, proof of
        payment, insurance records, and receipts for improvement costs.

•      Investment -- Brokerage statements, mutual fund statements, 
       Forms 1099 and Forms 2439.

•     Alimony -- If you receive or pay alimony, you should keep a copy of your
      written separation agreement or the divorce, separate maintenance, or 
      support decree.   

If you have any questions about maintaining proper records, please contact our office.
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