Start organizing your tax records now!
Abstract: As summer fades into fall, it’s the perfect time to start organizing 2012 tax records. By gathering information about year-to-date income and deductions now, one can consider actions that could minimize taxes. Being organized is especially important in 2012, given the uncertainty about what will happen with the tax law. Tax rate increases are scheduled for 2013, but it’s important to be ready to quickly adjust strategies should tax law changes be passed before then. This article lists some of the documents to compile to support deductions and credits.