In order for taxpayers to stay on top of their finances in 2012, it may be helpful to keep a tax check list.
The first priority should be to create an organized section to keep taxes and receipts. Use lots of labels, file folders, and drawers to keep the year's records.
Download a 2012 tax calendar online, complete with 2012 tax deadlines. Print it out, or keep it on the desktop of your computer.
If you have moved over the past year, make sure you have updated your address with everyone who is expected to send you tax documents.
If your name changed in 2011 from a marriage or divorce, you MUST remember to notify the Social Security Administration so you will be able to e-file your tax return under the new name.
Since Congress extended the 2% reduction of Social Security taxes from paychecks for only 2 months, consider filing a W-4 with your employer now and in March.
Remember you are still responsible for sending household employees their W-2s in January, even though the IRS offers a short cut for paying taxes for them.
Send out 1099-MISCs to anyone who was paid $600 or more for their services during the year.
The new 1099-K form is only for a banking related organization that settles payments related to merchant card transactions.
Make sure all medical refunds have been received if you did not spend enough money on medical care during the year. Turn in all receipts immediately, or contact your FSA administrator to find out if you have extra time.
Remember that January 17th is the 2011 estimated tax payments deadline!
Finally, make time to learn from your 2011 finances and make a list of improvements for 2012.
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