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Smart Money Moves for the End of the Year

submitted on December 12, 2010 by vectra5 in "Member's Lounge"
It is nearing the end of another year, but don't let the holiday season whisk you away from your fiscal responsibilities. These are some of the smart money moves you can make before the year closes off to ensure you'll be in good shape for the New Year, and to close off the old with a smile

Get Organized

Ideally, you've kept your tax receipts organized as the year's progressed, but if you suddenly find you have a shoe box full of receipts, now is the time to get it organized before tax season hits. You'll probably be too busy and frazzled in the New Year to give this the proper attention, so you might as well get it done now.

Label envelopes by their deductible expense categories and the date of the tax year, and start sorting your receipts into them. If you're ambitious, tally up the amounts in each category and write it on the front of the envelope for easy access.

Next, keep your other relevant tax statements set aside into another envelope labeled with the tax year, and bundle everything together. Don't forget to also pull out your tax information and statements for last year because you'll more than likely need some information of what you deferred from the previous year such as charitable donations or other claims.

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