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Sunday, April 15, 2012

Tax Time!

Hopefully by now you have completed your taxes for the year and are ready to cross that off your to-do list for another year. Before you do that however, let's go over a few things.

1. Be sure to make a hard copy of your completed return and accompanying forms (even if you have the information stored on your computer). 
2. Put the forms and all related documents in a file marked Taxes 2012 and file it away in a safe place. See post: Family Command Center
3. Make note of the kinds of receipts you needed for this year and make a new file to hold the same kinds of receipts for next year's taxes.
4. Make any adjustments in tax withholding if you ended up owing taxes or had too much money withheld.
5. Look towards the rest of the year and determine if you will have any unusual circumstances that will require extra documentation.  Make sure to file that information as soon as it happens!
6.  Shred and/or destroy any receipts you have left over from last year (or any other year) that weren't needed to complete your taxes. 
7. Try to get your taxes completed early next year.  Then you won't have to think about it in April.
8. Remember you need to keep all your tax returns indefinitely.   Please don't lose them!

Did I forget anything? 


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