Should I Keep This?

At some point in our lives, we’ve all wondered whether or not we needed to keep a statement, letter or other record for our taxes. In my last blog, I mentioned starting to organize your financial life using file folders and suggested keeping all of your tax records in a separate folder by year. But what exactly needs to end up in that folder? Well, take a look at this checklist from TurboTax to make sure you’re saving the documents you need throughout the year. I suggest printing a copy to keep in each year’s folder and checking things off the list as you go. Keep in mind, not everything on this list will apply to your situation, but it’s a great place to start.

Many of the tax forms listed on the checklist will be mailed or sent electronically in January or February. Some may come even later in March or early April, so don’t try to file your taxes too early if you haven’t received all of your records. You may end up having to file an amended return, which could prove costly. As always, if you have questions, make sure to reach out to an experienced tax professional for help.

- Margaret Gooley, CFP®, Worley Erhart-Graves Financial Advisors