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Archive for the ‘Money Records’ Category

There are a number of reasons for keeping your financial records.  They are useful for identifying the source of your income, you can keep track of all your expenses, you can also keep track of the additions and disposals of your property, they help you to prepare your tax returns, and finally they are useful for tax audit purposes.

IRS is not specifying any requirements for keeping records.  But the main objective should be – they should allow you and IRS to work out your tax.

I can suggest maintaining the following basic records:

Your checkbooks or cancelled checks, bank statements, broker statements, Forms W2 Your salary slips Copies of your tax returns including all attachments. Documents relating to your investments including brokerage statements, mutual fund statements and various forms submitted by you to IRS from time to time including form 1099 and form 2439 Documents relating to your home including purchase and sales records, proof of payment for acquiring the property, insurance records and documents towards improvement expenses. Records relating to your income like dividends, interest, partnership records and distributions of S corporation.  You should also keep records relating to items not taxable like tax exempt interest. Records relating to certain expenses which you are claiming as a deduction on your tax return.  These include charitable contributions, taxes on real estate, alimony and child care expenses. The records relating to the proof of payments – they can be credit card statements, financial account statements, cash receipts or canceled checks.  If you make payments by electronic funds transfer, then the proof of payment can be your statement of account.

There are some items for which specific records need to be kept.

Alimony – if you receive or pay it, your separation agreement or support decree is required to be kept.

Use of your home for business purposes – if you are operating your business from home, you’ll need to keep records relating to expenses which you claim on your tax return.

Childcare credit – if any person or organization is providing care for your child, you have to maintain name, address and taxpayer identification number of all persons or organizations providing such service.

Credit for elderly or disabled persons – a certificate of your physician is required for making disability claim.  Alternatively a certificate from the department of Veterans Affairs (VA) will also be useful.

Educational expenses – documents such as transcripts or course descriptions, canceled checks for tuition and other educational expenses, a reimbursement from your employer, and documentation of scholarship are necessary records which should be kept.

Gambling winnings and losses – The records relating to the date and type of gambling activity, the name and address of the gambling establishment and the amount you won or lost. These may be entered in a diary.

IRAs – you need to keep a worksheet which can show the record of yearly contributions and distributions.  In addition to that, you should keep the copies of forms – Form 5498, Form 1099 – R, Form 8606.

Medical and dental expenses – records of transportation expenses for medical care, invoices and receipts towards medical expenses, and a diary of detailed events and particulars should be maintained.

Moving expenses –supporting invoices and receipts for moving expenses which are not reimbursed must be maintained.

Mortgage interest –you should keep copies of form 1098, mortgage interest statement.

Pensions and annuities –you can maintain a copy of the worksheet which you submit with your tax records.

Tips – if you receive tips from your employment, you should keep a daily record of such tips received.  You can use form 4070A for such purpose.

There is no time limit for keeping some important records like copies of your tax return.  However it is a good policy not to throw away any record after the end of the year.

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Filing for bankruptcy is a serious decision. Sometimes, when you can no longer make your payments and creditors are applying too much pressure, bankruptcy can be a welcome relief to a hard situation, but it is important to remember that filing bankruptcy leaves a long trail of bankruptcy records.

Your bankruptcy records include a lot of personal information about yourself. They tell people your real name and where you reside. Bankruptcy records also reveal your social security number and all of the credit accounts you owe money to. Bankruptcy records indicate the amount of debt that you defaulted on and whether or not a lien was put on any of your property. Bankruptcy records also list your assets.

Because bankruptcy records contain so much personal information, they are a great place to start when you want to do a background search on an individual or even a company. Perhaps you want to know more about a client you are interested in doing business with. Maybe you want more information about the new boyfriend or girlfriend a family member recently brought home. Possibly you are interested in learning more about the background of the person you are considering hiring at your place of business. A check into the bankruptcy records would provide many answers and vast amounts of information in any of those cases.

Checking the bankruptcy records of an individual or business you are considering partnering with will help you to see a real picture of their financial stability. If they recently declared bankruptcy, they will not be in a position to get credit and that could deter your desire to work with them The bankruptcy records of individuals will show how they dealt with the repayment of debts in the past and that can help you to determine how much of your money you trust them to handle.

Checking the bankruptcy records of an individual can help you to learn not only about their financial means, but about their trustworthiness. If the bankruptcy records of your daughter’s new boyfriend show that he failed to pay off his credit cards and had to declare bankruptcy that might give you a solid look into his character when it comes to faithfulness. Bankruptcy records tell more than numbers. They give you insight into a person’s integrity.

Checking the bankruptcy records of a prospective employee can also tell you a lot about the person you might hire. Are they faithful, diligent, and trustworthy? Their bankruptcy records can offer insight into the morals of the person you want to hire.

If you are interested in checking out the background of an individual or company, a perusal of their bankruptcy records is one of the best places to begin.