Setting Your Financial Records Straight Advice from CPAs

Setting Your Financial Records Straight Unorganized or incomplete financial records? Save every piece of paper? Throw out every receipt? It’s time to TAKE CONTROL

Setting Your Financial Records Straight How do you get started? –Start a filing system –Current Files –“Dead” Files –Safe deposit box –Electronic filing system

Setting Your Financial Records Straight Sorting your financial records –Taxes –Banking –Investments –Retirement plans –Insurance policies –Home

Setting Your Financial Records Straight Taxes: Start a file for this year’s tax return –Income records –W-2 and 1099 forms –Back-up documentation for deductions –Receipts –Cancelled checks

Setting Your Financial Records Straight Banking records: –Savings account statements –Checking account statements –Cancelled checks

Setting Your Financial Records Straight Investment Accounts: –Save all paperwork –Purchase of the investment –Its sale –Any other activity –Saving investment records is a tax-saving necessity

Setting Your Financial Records Straight Retirement Accounts: –IRA, 401-K, and any other employer sponsored plan –Enrollment papers –Statements –Beneficiary designations –Contact information

Setting Your Financial Records Straight Insurance: –File for each policy held –Policy numbers –Issuing company name –Agent name –Those covered on policy –Beneficiaries

Setting Your Financial Records Straight Home-related: –Purchase –Sales agreements –Closing documents –Replacement costs –Inventory of belongings –Home improvement

Setting Your Financial Records Straight Safe Deposit Box Birth and marriage certificates –Adoption papers –Citizenship documentation –Divorce papers –Deed to your house –Titles for your cars –Will: signed original

Setting Your Financial Records Straight Personal Financial Overview –Compile a list of your assets –Record of your debts –Catalog of important documents –Contact information to any financial advisors, attorneys, CPAs, etc.

Setting Your Financial Records Straight How do you keep it all under control? –Weekly –Yearly overhaul –Clutter is the enemy