Blog Entries - Dec. 2013

Organize Financial Records for Big Dividends

December 11, 2013  |  Record Keeping

Written by: Doug Jacobs


A financial record keeping strategy pays big dividends.  A combination of digital and paper record keeping techniques is effective in taming the clutter. The basic principle is to assemble the documents by category. For example – some categories are investments, real estate, insurance, family records, and tax preparation.


Investment account statements and any trade confirmations keep until the year end statement is received. Verify the year end statement shows the investment’s initial purchase price and any reinvested proceeds so the tax basis can be calculated when the investment is sold. Keep the annual statements for at least three years (possibly seven in certain situations, described below) from the date the income tax return is filed. A good idea is to keep the annual investment statement as long as you are a customer of the investment company.

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Charitable Giving - Document-Document-Document

December 3, 2013  |  Charity, Donations

As the Holiday Season approaches we tend to become more generous and soft-hearted.  A widely-held perception is that corporations and foundations are the biggest sources to tap for grants and donations.  The reality is that 80 percent of philanthropic dollars are contributed by individuals and bequests. In 2010 the Americans gave more than $290.89 billion to their favorite causes despite the economic conditions.

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