Its that time again when you should be getting ready for the holidays, but you should be getting prepared for tax season as well. So many people that wait until the last minute to get their information together, not this year we are going to start early getting our records in order so that we are not stressed at the last minute. Everyone should keep basic records that prove your income and expenses. If you own a home or investments this is considered a part of your basic records. Your income includes wages, dividends, interest, and partnership or S corporation distributions. These records can also prove that certain amounts are not taxable, such as tax exempt interest. If you have not kept a record of your expenses all year then you should start now keeping up with your expenses and go back and go thru your shoe box or wherever your keep copies of your receipts and make sure to have them in order. There is a software that I use called Cash Flow Manager that I have on my phone and I log my mileage, expenses, income and other things that an be considered a deduction so at the end of the ear I just print all the information that I have entered into this software and give it to my tax person. You can try it for free for 7 days just go to rcox.myecon.net products and sign up. You will be glad you did when you get ready to get your taxes done. If you have moved make sure to use the new address on your return and make sure the IRS has a clear and concise notification of your new address. Be sure to put your social security number on all your paperwork. This is just a start to getting ready for tax season 2016.
