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#241414 - 01/17/12 06:33 PM Re: Preparing for Taxes 2012 [Re: Gabby]
hartbe Offline
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Registered: 10/23/05
Posts: 1263
Loc: indiana
I finished my summaries for our medical expenses & charitable contributions. I am waiting on 1099's from several places, then I will be ready to call our CPA. I am running ahead of schedule this year. WOOO HOOO!

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#241510 - 01/19/12 03:43 PM Re: Preparing for Taxes 2012 [Re: hartbe]
raymond_valerie Offline

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Registered: 11/15/04
Posts: 2394
Loc: Canada
Way to go!! Great progress here!!!

Gabby, I keep mine by year. Really, once the taxes are done, you're keeping 'just in case' you get audited, and to use last years' to check this years (maybe). Just take everything out of the binder, keeping it in order, and binder clip it together, or put it in one folder. Label with the year and you're done!
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#241513 - 01/19/12 04:08 PM Re: Preparing for Taxes 2012 [Re: raymond_valerie]
Diane D Offline
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Registered: 01/18/07
Posts: 1513
Many years ago I worked at a bank (now gone). I did some work from home and ended up with a stack of large manila envelopes that I put each years tax info into. The system works so well for me that when I finish that stack I will go buy some more envelopes so I can keep doing it. Even if you only buy a 10-pack, that's 10 years worth!

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#242136 - 02/02/12 10:09 AM Re: Preparing for Taxes 2012 [Re: Diane D]
beaglelady Offline
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Registered: 12/02/06
Posts: 3273
Loc: Waterford, MI
Just got my w2 and SO's w2. I have already itemized my biz expenses and am waiting for statement from mortgage company. We also picked up statement for SO's child and spousal support and I have a call in to my accountant. He should be back from his month long vacation this weekend so we can plan my strategy for this year to minimize taxes, esp with all the penalties I have to pay.

This is the fastest I have ever been ready, and even though I won't get anything back this year, to know it is done and handled this fast is awesome

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#242152 - 02/02/12 08:12 PM Re: Preparing for Taxes 2012 [Re: beaglelady]
halebop Offline

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Registered: 01/22/01
Posts: 5431
Loc: Lost in the clutter
Got mine done and refund back! I don't have any deductions so it is a straight 1040 for me.
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#242439 - 02/10/12 09:38 PM Re: Preparing for Taxes 2012 [Re: halebop]
raymond_valerie Offline

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Registered: 11/15/04
Posts: 2394
Loc: Canada
Great job, ladies! I don't know if we're just slow here, or what, but haven't received much 'official paperwork' to get started yet. Only have the charitable tax receipt from church. I think these things are not required to be completed until the end of Feb (??) so maybe I'm just chomping at the bit smile

I need to tackle my to file pile and get my friend to give me her Mom's contact info... going to get the taxes 'done' this year (by my friend's mom) since my situation has gotten slightly more complicated.
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#242449 - 02/11/12 08:19 AM Re: Preparing for Taxes 2012 [Re: raymond_valerie]
beaglelady Offline
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Registered: 12/02/06
Posts: 3273
Loc: Waterford, MI
In the states, all w2's must be postmarked by Jan 31 of the new year. The only thing I am still waiting on is the mortgage statement.

But, there are other areas that are getting my attention right now, and all the paperwork is ready to go, so I can be patient, esp since whatever my refund is, is not mine anyway from the feds.

I will continue to work on my challenge with the state of GA now that irs and I have come to terms. Feels like it is never ending, but I will have this handled in 2012 so I can put my past life behind me. Sucks that I have been divorced over 2 years now and still have to deal with stuff from it.

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#242496 - 02/12/12 02:26 PM Re: Preparing for Taxes 2012 [Re: beaglelady]
tinytina Offline
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Registered: 06/05/06
Posts: 7106
Loc: New Brunswick, Canada
In Canada I believe they have until the end of Feb. so I am still waiting for most of my paperwork as well.
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#243299 - 03/07/12 03:00 PM Re: Preparing for Taxes 2012 [Re: tinytina]
Kimberly Purcell Offline
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Registered: 08/29/06
Posts: 9293
Loc: Folsom, CA
For those of you who have finished your taxes or are just finishing up - what could you have done differently throughout the year to make things easier on yourself? A certain aspect of record keeping you wish you'd been better about perhaps?

Tell us about it.
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#243497 - 03/13/12 01:24 PM Re: Preparing for Taxes 2012 [Re: Kimberly Purcell]
Gabby Offline
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Registered: 11/15/00
Posts: 10899
Loc: Minnesota
one thing I need to do differently:

I need to keep a ledger on education and supply expenses during the year and their receipts.

so.
I've gotten a manila folder, chopped off the tab, and ran it through my copier. I like writing on the front of a folder, and keeping the receipts inside.

I was copying a ledger sheet. I sure wish folders came with that printed on them! have to chop off the tab to make them fit in the copier.

On my state taxes, I can still deduct education expenses for my daughter, so when she buys new reeds for her sax, I just mark it on the ledger and pop the receipt inside.



Edited by Gabby (03/13/12 01:25 PM)
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