John M. Hoffman & Associates CPAs

Tax Organizer / Questionnaire

Being Organized

A friend of John's asked him how to best be organized when it comes to tax preparation. While this might sound like an obvious question, let's not forget that the only stupid questions are the ones that people are afraid to ask.

Being organized helps everybody. It helps the client taxpayer by:

• Making the client taxpayer's life easier in getting the materials together.

• Helps to assure that the tax return is complete and accurate.

• Reduces tax preparation fees (less of our time is less of your money).

Tips for being organized:

Consolidation:

• Rather than having multiple investment accounts, consider having them consolidated under fewer roofs. We absolutely discourage people from holding securities in their own name in certificate form and highly recommend having them held in "street" name at an insured financial institution.

• Fewer bank accounts.

• Fewer charitable organizations. Rather than giving $25 to 100 organizations, consider giving $250 to 10 organizations. We are convinced your dollar goes further that way and it helps towards organization.

Understand your finances. Have a grip on what effects your taxes and what does not. That way you will know what we need and what we don't.

A place for everything and everything in its place. When all of those tax forms come in during January, have a safe place to put them (how about the folder we provide)? Consider taking a look at the forms and checking them off so you know what you have and what you are waiting for. During the year, use that safe place to set aside other tax documents.

Have a place that you can access all tax related disbursements. Whether that be your checking account to track down real estate taxes, or some combination of checking account and credit card, keeping it organized makes it easier for you.

Use e-mail to communicate - it is so much more efficient!