Download - Setting Your Financial Records Straight

Setting YourFinancial RecordsStraight

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


• How do you get started?

–Start a filing system

–Current Files

–“Dead” Files

–Safe deposit box

–Electronic filing system


• Sorting your financial records

–Taxes

–Banking

–Investments

–Retirement plans

–Insurance policies

–Home


• 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


• Banking records:

–Savings account statements

–Checking account statements

–Cancelled checks


• Investment Accounts:

–Save all paperwork

–Purchase of the investment

–Its sale

–Any other activity

–Saving investment records is a

tax-saving necessity


• Retirement Accounts:

–IRA, 401-K, and any other employer

sponsored plan

–Enrollment papers

–Statements

–Beneficiary designations

–Contact information


• Insurance:

–File for each policy held

–Policy numbers

–Issuing company name

–Agent name

–Those covered on policy

–Beneficiaries


• Home-related:

–Purchase

–Sales agreements

–Closing documents

–Replacement costs

–Inventory of belongings

–Home improvement


• Safe Deposit Box

• Birth and marriage certificates

– Adoption papers

– Citizenship documentation

– Divorce papers

– Deed to your house

– Titles for your cars

– Will: signed original


• 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.


• How do you keep it all under control?

–Weekly

–Yearly overhaul

–Clutter is the enemy