Springtime, summertime, or anytime – the last thing on your mind is your 2014 income tax return. Having just entered completed this year’s paperwork, you may be on hold until shortly before April 2014.
However, if you get organized today and do a little bit each month, your tax process will be much easier come spring 2014. So, while Washington fiddles with fiscal cliffs, sequesters, and spending caps, take some time now to review you current financial situation and develop a plan for the rest of the year.
Keep Good Records:
You would be smart to save any paper that has anything to do with money. You can divide them into two envelopes, one marked “deductibles” and the marked “other.” This is not ideal, but it is a start.
It would be even smarter to make a set of files for categories: charity, medical, interest, and so forth. Then, as the bills and receipts come in, you can put them where they will do you goo.
Another great way to do this is to buy one of the small scanners developed just for this reason. Then, you will have everything copied and sorted onto your computer if you have one.
Finally, some of the downloadable tax programs allow you to build your database throughout the year.
But, whatever works for you, you will find it easier to have something underway as you approach the end of the year. If at that time – or any time in between – you find you need a short-term loan, some ready cash to get you to the refund payment, talk to your local full-service lender.