Financial Checklist Week 1: Organize Tax Documents
First up to tackle: taxes. The sooner in the spring that you begin to compile and organize your tax paperwork, the simpler things will be at filing time. First, take a look at last year’s return. Unless your job, living situation, or financial situation has changed since you last filed your taxes, chances are you can expect to need the same set of forms, schedules, and receipts this year as you did last year. Remember, this article is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your tax strategy. If you don’t freelance or own a business, you may only need W-2(s), 1099-INT(s) (or perhaps 1099-DIVs or 1099-Bs), or a Form 1098 if you pay a mortgage. You will also need your 1099-MISCs, and if you don’t use a payment-processing software, you will need to compile every bit of documentation you can find that’s related to business expenses: store and restaurant receipts, mileage records, utility bills, and so on. And, of course, there’s the Affordable Care Act; if you got coverage through your state or federal marketplace, Form 1095-A is needed to fill out Form 8962.1 If you’re still working, take some time to check your paycheck withholdings. If it’s been a few years, it’s possible that you might need to make changes, especially if you’ve gotten married or gained dependents.
Home Checklist Week 1: Check Your Foundation for Cracks
There are DIY solutions for foundations, but depending on your home, repairs might not be not a job for an amateur. Arrange to have a foundation specialist come by to examine any cracks you find and give you an estimate.2
1. CNBC.com, July 1 2021
2. Homeserve.com, March 12, 2021