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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
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
