| As we begin a new year, it is important to close out | | | | needed all your tax information is accessible in one |
| the previous year in an organized manner. This allows | | | | file box already divided by category. I've personally |
| you to get an organized start to the new as well as | | | | used this system for 2 years and have |
| preparing you for the upcoming tax season. This | | | | recommended it to countless clients. This system has |
| article, written by professional organizer, Janet | | | | cut the clutter in my home significantly. |
| Nusbaum, shares five important tasks to complete to | | | | 3. Organize your property records. Update your home |
| close out a calendar year. | | | | inventory, documenting any significant purchases with |
| "Get Organized" ranks in the Top 10 most popular | | | | photos and receipts. Store in a safe place such as a |
| New Year Resolutions. If "Get Organized" ranks high | | | | safe deposit box or fireproof safe. Better yet, store |
| on your list of goals for 2009, here are some | | | | it at a relative or friend's home in another city. |
| frequently overlooked, yet important things to help | | | | 4. Update important legal documents. Review your |
| you get an organized start in the New Year. | | | | will, power of attorney, living will, etc., to make sure |
| 1. Purge and clean out current and outdated | | | | that any changes in your personal situation (e.g., |
| paperwork. Get rid of papers you've saved that you | | | | marriage, divorce, birth or adoption of a child) |
| won't refer to again. (Tip: 95% of everything you've | | | | properly document your desired and current life |
| saved for over six months can probably be thrown | | | | situation. |
| away.) Ask your accountant how long you should | | | | 5. Update your list of account numbers and |
| retain old financial records. Accountants typically | | | | passwords. With the threat of identity theft on the |
| recommend that you retain old tax returns forever, | | | | rise, it is critical to be able to easily access all your |
| but supporting information can be destroyed | | | | account information when you need it. Include |
| between 4 and 7 years after the filing date. If you | | | | numbers for bank accounts, credit cards, |
| don't need an item for tax or legal reasons, consider | | | | investments, insurance policies, etc. You should also |
| whether it should be retained at all. Shred anything | | | | update your list of important contacts including |
| containing account numbers or other information not | | | | attorney, insurance agent, investment broker, doctor, |
| meant for others to see. If you would like to receive | | | | accountant, etc. Give a copy of this list to a family |
| a copy of my Retention Guideline Tip Sheet, just | | | | member or trusted friend or inform him/her of the |
| e-mail me and I'll send you a copy. | | | | location of this information in the event of an |
| 2. Organize your financial records. Tax time is | | | | emergency. |
| approaching, so make sure your financial records are | | | | Do these tasks early in the year so you can get an |
| organized and easily accessible. Accordion case files | | | | organized start in the new year. Accomplishing these |
| are an excellent option for filing and containing all | | | | tasks also helps you get organized for tax season. |
| financial records pertaining to a tax year. When | | | | |