Tax prep weekend
Sunday, March 9, 2008 at 09:52AM My mantra this weekend has been:
It's good to have income on which to pay taxes.
It's good to have income on which to pay taxes.
It's good to have income on which to pay taxes.
And it is. While preparing stuff for my tax preparer is a big pain in the patootie, I have always been thankful that I have a good job and a decent income. I am not real crazy about how many of my tax dollars are spent, but I've never grumbled that taxes are too high. Yes, I am one of those LIBERALS who believe that good schools, roads, fire and police protection, taking care of those who can't take care of themselves, etc. are more important than a bigger boat, a fancier vacation or leaving behind a vast inheritance (Sorry, kids).
What has struck me this year as I semble, sort and staple is just how many of my financial records have moved online. Via the Internet, I now get:
- My bank statements, including a record of all my electronic bill paying
- My mortgage information
- My W9 form from school
- My credit card statements
- My electric and gas bills
- My insurance information
I am not complaining - I LIKE this. (Although it doesn't feel very private.)
My goal for next year's tax prep day might be to be totally paperless. This would mean scanning beau coup receipts, I suppose, but it's doable.
Oh, and is there a portal similar to iGoogle for one's financial dealings?
First 1040 - 1913. 4 pages. According to Professor Perry's interesting post here.
Reader Comments (5)
Doug, check out Mint.com. It looks really compelling, but I haven't yet convinced myself that handing over that much information is a good thing. I did look over their terms of use and privacy statement and didn't find anything objectionable. I hate Quicken with the white-hot intensity of a thousand suns, so I may give Mint a try sometime soon.
Thanks, Tim. This looks worth exploring. So many of these things emphasize investment management. NOT my need!
I agree with you about Quicken. My little spreadsheet seems to work for most of the same stuff - and more transparently.
All the best,
Doug
Doug -
Alot of account documents have moved online - I agree with you - I LIKE it alot. I just want to completely go paperless at tax prep season without the current burden of a web login for a bank or brokerage account, navigate to the statements page at multiple financial institutions and download documents - one at a time. I’ve got better things to do then download documents, think about file names and categorize the downloaded documents on my PC hard drive.
So the good news, I worked with a group to come up with an "online assistant" called VaultStreet. To learn more go to: www.VaultStreet.com. Works like a charm on my 2 brokerage and 4 bank accounts. As an example, I got 5 years of Fidelity statements or over 60 statements downloaded within 5 minutes from set up... I LIKE THAT!
Bruce
One thing - KEEP THE PAPER! I had a pal who scanned everything and ditched the paper receipts. The tax office need the originals, though. On an audit he was ordered to pay a proportion of tax back for lack of proof that he legitimately spent his profit. Argh!
Hi Ewan,
My tax preparer recommended keeping my paper receipts when possible as well.
Do you think people are Photoshopping their electronic versions? (That car rental was $790 rather than $79?)
All the best,
Doug
Oh, I am getting a refund. Yipee.