2015 is almost over! That means it’s nearly time to close your books on this year, send out tax forms if you have to, and watch your postal mail for all of the tax forms that will start arriving in a few weeks!

Let’s check off some things that will make things easier for you as you wrap up this year:

What should I hang on to?

  • Receipts for deductible purchases OVER $75.00
  • Receipts for charitable contributions made –
    • If by check or cash and more than $500, you need how much and when and to whom
    • If not cash, you need the donation receipt AND a description of what was donated AND when you acquired/bought it for what sum of money
  • If you bought a car, major appliances, major work on your home - the invoice or bill of sale
  • Everything that comes in the mail that says “Important Tax Information (or document) enclosed”
  • Forms W-2, 1099, 1098 AND the year end mail from your health insurance carrier
  • If you have an HSA, the tax statement from that company
  • The 1099s from your investment firm or bank
  • Interest statements from your bank or mortgage company
  • Child care receipt showing the child care provider’s name, address, tax ID number and the total amount paid
  • Anything else that looks important or you’re uncertain about
  • Information about any new dependents

How do I get it to My Tax Guy in Houston?

  • most secure – the United States Post Office. Priority mail, flat rate envelope. Costs you five bucks. Address to: 2450 Louisiana St. Ste 400 PMB 703 Houston TX 77006
  • pretty darned secure - drop it off at the office! 2502 Huldy St., upstairs, Houston TX 77019
  • sort of secure - Dropbox (I prefer using Tresorit, an encrypted file sharing service. You probably already have a Tresorit folder in my account. I can show you how to use it)
  • not really secure - email or fax - on my end, the email and faxes come in to a secured network and computer, but these aren’t great ways to send confidential information

Do I need to issue 1099s?

Probably not. UNLESS: you have been running a business, and you have people working for you to whom you’ve paid more than $600 (any one of them, not all of them together), then you need to issue 1099s. I can help you with that.

What about health insurance?

The financial penalties for not having health insurance start to get serious in 2016. You have until December 15, 2015 to sign up for health insurance through the marketplace for coverage that starts on January 1, 2016. If you’re self-employed, your health insurance premium payments come right off of the top of your taxable income.

I always lose the stuff - what do I do?

Ask me to send you one of my new, jumbo envelopes. It is labeled with all the documents and tax forms that you should hang on to. You see one of those, stuff it into the big envelope!

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