Sunday, February 19, 2012

More tax tips...

Reminder, taxes are due on April 16, 2012.  Make sure that you are accounting for all of your relevant tax documents when you begin filing your taxes.  It seems like every couple of days I am still getting long overdue 1099-INTs and DIVs forms when they were supposed to be mailed out in January.  Thus, it's easy to forget them if you aren't tracking carefully.  In a previous post, I have discussed using an aggregation site, such as Yodlee, in order to keep track of all of your accounts. A new(er) site, called HelloWallet, is another such tool.

Can't wait for the mail?  Check your brokerage, bank, mutual fund, or other financial institution's web site to see if they have posted documents online.  Firms such as Etrade are pushing customers towards online delivery of forms, and for good reason. Online documents save them money, can be delivered faster than U.S. Mail, and can be retrieved any time.  This is especially helpful for previous year's forms, which you may need on occasion.

Bottom line: a little careful planning now will help prevent having to perform a re-filing of your taxes if you forget about your accounts.  You don't want that refund to now turn into an unexpected tax bill.