Author's Insights

Tax Preparation

One thing we know for sure, the vast majority of people pay some type of tax and need to file yearly tax returns. Income tax, personal property tax, real estate tax, Federal tax, State tax, City tax, County tax, business tax, sales tax and the list go on and on. Many dread the end of the year because it is the time we start compiling and organizing the information needed to send off to our accountant or to sort through for yourself to be able to file your taxes with the appropriate agencies. Often, it is a task managed by one person in the family.

Now, imagine that next year that person is no longer able to do this task because of a serious illness or a death has occurred. Who will be responsible for compiling this information? Do they know where the tax records are kept? Do they know what taxes need to be filed? Do they know the accountant(s) used? Are there itemize deductions? Charitable contributions? Do they know whether quarterly taxes are filed? Do they know where past tax returns are kept? Are records kept in shoe boxes in a closet? Where does one begin to look?

As we enter the time of year when we traditionally start compiling our tax information, take the opportunity to write notes or ask questions of the person responsible for this task, to help ease this transition in the future. Organize your record keeping. Keep information together and clearly marked.

I have heard countless stories (and have experienced them for myself) regarding how difficult this task is/was on family members or personal representatives when trying to close an estate or manage the affairs for someone who, due to a medical situation, can no longer do so. If an accountant has been used in the past, and you are lucky enough to know who that person is, it will ease the burden somewhat. Someone will still be responsible to locate and compile the information before an accountant can begin to file the tax returns.

Completing the information in the When The Time Comes organizer will help ease the burden for those who will be responsible for these tasks, when the time comes

DISCLAIMER:  The author of When The Time Comes does not claim to be an expert in the fields of banking, investments, accounting, insurance, real estate or law. The author does not provide legal advice. The information contained in this binder comes from the personal experience of the author working with families and individuals over the past 40 years as a registered nurse, health advocate, POA, Guardian and through pastoral care. Readers are advised to contact experts in the respective fields listed in the binder for additional information.

© 2022 Carol Havens | All rights reserved
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