You can complain all you like about the 1% but the tax man will soon be knocking at your door. It's a little too late to get organized for this year but here are some hints for next year.
As you write your check make a copy of the invoice or item your paying along with a copy of the check, put in an accordian file for the month - one accordian file for non-tax items, one for tax deductible items. Inexpensive copier-scanner-printer-fax machines are available everywhere.
Do the same for electronic invoices and digital payments, set up a file folder on your computer and/or in your email account where you keep a digital copy by naming the file month-nameofcompany(or invoice info) and save to one folder for tax related and one to non-tax related including a pdf copy of your check (online banking systems will have a pdf copy of your check). If you're really uptight, scan everything and keep in digital files - but make sure to back it up, preferably in the cloud.
Do the same for charge card receiepts, make a copy of them (those thermal receipts fade in time and are blank about the time the IRS comes knocking for a review). Staple or tape the receipts to the copy and keep in a file folder. When your statements come, attach the copies with originals to each statement where the charge shows up. Threaten to leave your spouse if they don't turn in their receipts.
Takes two minutes when paying those charges to save hours when you or your accountant is preparing your taxes. Trust me - you and your accountant will love you for it.
Oh, and if you are one of our clients and need that copy of your real estate document, give us a call - we can get it to you in minutes. If you're not, talk to us about finding your piece of paradise or selling your property to find the right home in Honolulu, Kailua, Kaneohe, Ewa Beach, Hawaii Kai, Kahala, or anywhere in Hawaii. Kung Hee Fat Choy!
Comments(2)