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Personal records


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Personal records

  1. 1. Personal Records <ul><li>Good personal record keeping makes budgeting and long-range planning easier. </li></ul><ul><li>Records also form the basis for completing tax returns, credit applications, and other financial forms. </li></ul>
  2. 2. You should keep: <ul><li>Income and Expense records </li></ul><ul><li>A statement of net worth </li></ul><ul><li>Personal property inventory </li></ul><ul><li>Tax records </li></ul>
  3. 3. <ul><li>Records of Income </li></ul><ul><li>W-2 statements </li></ul><ul><li>Payroll check stubs </li></ul><ul><li>Statements from banks showing interest earned on savings </li></ul><ul><li>Statements from investment companies showing dividends from stocks </li></ul>
  4. 4. <ul><li>Records of Expenses </li></ul><ul><li>Charitable contribution receipts </li></ul><ul><li>Receipts from medical bills </li></ul><ul><li>Work-related expense receipts </li></ul>
  5. 5. <ul><li>Statement of Net Worth </li></ul>Net Worth Statement Nygen Phomn January 1, 2004 Assets Liabilities Checking Account $ 500 Loan on car $1,800 Savings account 800 Loan from mother 100 Car value 3,000 Total liabilities $1,900 Personal property: Inventory attached 5,000 Total Assets $9,300 Net Worth Assets minus liabilities $7,400 Total $9,300
  6. 6. <ul><li>Personal Property Inventory </li></ul><ul><li>List all valuable items you own, along with purchase prices and approximate current values. </li></ul><ul><li>Personal property includes anything of value inside your home—clothing, furniture, appliances, etc. </li></ul><ul><li>Photograph items of value. Make video of furnishings. </li></ul><ul><li>Keep list in safe place (safe-deposit box) </li></ul>
  7. 7. <ul><li>Tax Records </li></ul><ul><li>Keep copies of tax returns, W-2 forms, and other receipts verifying income and expenses listed on tax returns for at least three years. </li></ul><ul><li>Records should be kept in safe place in the event of an audit. IRS has legal right to audit tax returns for three years from date of filing of return (longer if fraud or intentional wrongdoing on your part can be proved). </li></ul>
  8. 8. <ul><li>THE END </li></ul>