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Setting Your Financial Records Straight. Advice from CPAs. Setting Your Financial Records Straight. Unorganized or incomplete financial records? Save every piece of paper? Throw out every receipt? It’s time to TAKE CONTROL. Setting Your Financial Records Straight.

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Presentation Transcript
slide1

Setting Your

Financial Records

Straight

Advice from CPAs

slide2

Setting Your Financial

Records Straight

  • Unorganized or incomplete financial records?
  • Save every piece of paper?
  • Throw out every receipt?
  • It’s time to TAKE CONTROL
slide3

Setting Your Financial

Records Straight

  • How do you get started?
    • Start a filing system
    • Current Files
    • “Dead” Files
    • Safe deposit box
    • Electronic filing system
slide4

Setting Your Financial

Records Straight

  • Sorting your financial records
    • Taxes
    • Banking
    • Investments
    • Retirement plans
    • Insurance policies
    • Home
slide5

Setting Your Financial

Records Straight

  • Taxes:
  • Start a file for this year’s tax return
      • Income records
      • W-2 and 1099 forms
      • Back-up documentation for deductions
      • Receipts
      • Cancelled checks
slide6

Setting Your Financial

Records Straight

  • Banking records:
    • Savings account statements
    • Checking account statements
    • Cancelled checks
slide7

Setting Your Financial

Records Straight

  • Investment Accounts:
    • Save all paperwork
      • Purchase of the investment
      • Its sale
      • Any other activity
    • Saving investment records is a
    • tax-saving necessity
slide8

Setting Your Financial

Records Straight

  • Retirement Accounts:
    • IRA, 401-K, and any other employer
    • sponsored plan
      • Enrollment papers
      • Statements
      • Beneficiary designations
      • Contact information
slide9

Setting Your Financial

Records Straight

  • Insurance:
    • File for each policy held
      • Policy numbers
      • Issuing company name
      • Agent name
      • Those covered on policy
      • Beneficiaries
slide10

Setting Your Financial

Records Straight

  • Home-related:
    • Purchase
    • Sales agreements
    • Closing documents
    • Replacement costs
    • Inventory of belongings
    • Home improvement
slide11

Setting Your Financial

Records Straight

  • Safe Deposit Box
  • Birth and marriage certificates
    • Adoption papers
    • Citizenship documentation
    • Divorce papers
    • Deed to your house
    • Titles for your cars
    • Will: signed original
slide12

Setting Your Financial

Records Straight

  • Personal Financial Overview
    • Compile a list of your assets
    • Record of your debts
    • Catalog of important documents
    • Contact information to any financial advisors,

attorneys, CPAs, etc.

slide13

Setting Your Financial

Records Straight

  • How do you keep it all under control?
    • Weekly
    • Yearly overhaul
    • Clutter is the enemy