JERSEY CITY – For many people, tracking down last year’s financial statements, cash records and receipts for tax returns can be a full-time job.To make tax preparation easier this year or to be fully prepared for next year, consider reducing paperwork and utilizing online resources.
According to Christopher Martin, president and CEO at The Provident Bank, using online banking services can help make tax preparation less daunting. Paperless checking and savings account statements save time and make it easier for record keeping. This “green” method also helps reduce waste and benefits the environment.
“When tax season rolls around, e-statements can be very handy,” said Martin. “It is easier to review and sort through transactions – like charitable donations and personal expenses – without searching through piles of statements and checks.”
Martin added that because not all tax-related documents are available online, it is important to collect and store the following paperwork in a central, accessible place:
• Investments and dividends
• Student loan statements
• Medical expenses
• Cash records
• Personal expense receipts
• Property tax bills
• Real estate transactions
• Mortgage statements
• Childcare expenses
• Charitable donations
“Organization is key as most of the stress associated with tax preparation can be attributed to missing information,” said Martin. “Having essential documents together for your tax return – like bank statements, receipts and last year’s tax information – will help speed up the tax-filing process.”
For more information, visit www.irs.gov.
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