U.S. probing Golden West lending, sale: prosecutor (Reuters)
<p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20081120/bs_nm/us_wachovia_probe"><img src="http://d.yimg.com/us.yimg.com/p/nm/20081120/2008_11_20t002725_450x300_us_wachovia_probe.jpg?x=130&y=86&q=85&sig=QbK9mHPC9H_U2E5R2_mmFw--" align="left" height="86" width="130" alt="Pedestrians walk outside Wachovia corporate headquarters in Charlotte, North Carolina, October 22, 2008. (Chris Keane/Reuters)" border="0" /></a>Reuters - The government is investigating if homeowners were misled by California bank and mortgage issuer Golden West Financial, which was acquired by Wachovia Corp -- another possible victim.</p><br clear="all"/>
MetLife says commercial mortgage portfolio safe (Reuters)
Reuters - U.S. life insurer MetLife Inc disclosed information about its commercial mortgage portfolio on Wednesday in an effort to soothe investors that have become increasingly skittish about investments by insurers in commercial property debt.
Housing agency loosens foreclosure aid rules (Reuters)
<p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20081119/pl_nm/us_financial_usa_hud"><img src="http://d.yimg.com/us.yimg.com/p/nm/20081119/2008_11_19t150115_450x214_us_financial_usa_hud.jpg?x=130&y=61&q=85&sig=8Usorxb.351UBpOsR0U9mQ--" align="left" height="61" width="130" alt="A foreclosure sale sign sits in front of a house in Falls Church, Virginia, July 23, 2008. (Kevin Lamarque/Reuters)" border="0" /></a>Reuters - The U.S. Department of Housing and Urban Development will loosen terms of its foreclosure-prevention effort so that the program, meant to backstop $300 billion in home loans, can be more effective, the agency said on Wednesday.</p><br clear="all"/>
Kashkari: Consumer credit help promising step (Reuters)
Reuters - Actions to support consumer lending could be a productive next step to help repair financial markets, Treasury Department financial rescue package administrator Neel Kashkari said on Wednesday.
Homebuilder, REIT shares tumble as recession spreads (Reuters)
<p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20081119/bs_nm/us_homebuilders_shares"><img src="http://d.yimg.com/us.yimg.com/p/nm/20081119/2008_11_19t130201_450x327_us_homebuilders_shares.jpg?x=130&y=94&q=85&sig=WuXgRtThl.IeyjpF9xKC.g--" align="left" height="94" width="130" alt="Robert Toll, Chairman and Chief Executive Officer of Toll Brothers Inc., answers questions during the Reuters Housing Summit, in New York, February 20, 2008. (Chip East/Reuters)" border="0" /></a>Reuters - The shares of big U.S. homebuilders and real estate companies alike slumped on Wednesday as housing starts fell to a record low and concerns spread the commercial real estate market is going the way of residential.</p><br clear="all"/>


Make sure to include the fiscal year on the label, too. Put one of your tracking sheets in each folder.

Now for the system. Each month, put all your receipts, statements and reports in the appropriate folder. On the last day of the month, total your business activity in the MTD column using the appropriate line items. To calculate the YTD column, simply add the current month’s MTD to the previous month’s YTD. (Your YTD is a running total for the year.) When you reach the final month of your fiscal year, the YTD column will represent your final tax figures.

Prefer software?

Just because you use a software program such as Quicken, Peachtree or Quickbooks doesn’t mean your financial information is readily accessible at tax time. You still need to make sure your paper records back up your digital entries.

Take twelve manila folders and label them for each month of your fiscal year. Again, don’t forget to add the year.

Put all your receipts, statements and other supporting documents in corresponding monthly folders. On the last day of each month, run income statement and balance sheet reports from your software for the month you’re closing out. Put these reports in the manila folders, too.

When the year is over, run final reports from your accounting software covering the entire fiscal year. Bundle your manila folders together and put your year-end reports on top.

Deliver to your accountant; he or she has everything they need to put together your tax return.

Another variation on this system: Create folders for each line item on your tax return. Again using Schedule C as an example, you would create a folder for “Advertising”, another for “Car and Truck Expenses”, and so on. Put supporting documents in the appropriate folders. Your accountant will likely work off your software reports and use your supporting documents to double-check your figures or seek additional deduction opportunities.

Final tips for success

A great system isn’t worth beans unless you actually use it. Schedule your monthly recordkeeping tasks in your PIM or daily planner. Make it a habit to regularly file business documents and/or make entries in your accounting software. A good rule of thumb is to schedule at least one hour a week for recordkeeping.

If you think your time is better spent elsewhere, hire someone to do your recordkeeping for you.

Either way, when next tax season rolls around, you won’t have to pull out the extra-strength headache tablets. You’ll just pull out your files instead!

Article Source: http://www.upublish.info

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About the Author:
Leo Quinn
A financial educator for over ten years, Leo Quinn Jr. specializes in helping people get out of debt and stay that way. His “How to Own Your Paycheck Again” program has helped thousands of families improve their finances and escape the debt trap. Learn more at www.OwnYourPaycheck.com . View past issues of Leo’s newsletter at www.LeoQuinn.com/newsletter.htm .