Record Keeping/Tax Planning Activity
Answer the following questions regarding tax preparation and planning.
1. Put a check next to the items you will need nearby in order to file your taxes.
_________ driver’s license
__________1099 (showing interest you earned on any accounts)
__________1040EZ or tax prep software
___________1098 (showing interest you paid on loans/student loans)
___________records of tips earned on the job
- How long should you keep your tax prep documents and tax returns?
- When storing important documents, like your social security card, birth certificate and marriage license, is it best to keep them all in the same place? Why or Why not?
- Other items that require good record keeping include jewelry and other expensive items that you own and that are insured. What types of records should you keep for these items, in case they are lost, damaged or stolen?