Personal financials may be required for financial aid applications, small business loan applications, general financial planning, retirement planning, estate planning or when running for federal office. You can take five steps to simplify the process of gathering what you need.
Personal Tax Returns
- Gather your personal income tax returns for the past three years. Both your federal and state tax returns are necessary in order to present a complete picture. If these returns don't represent your typical financial situation, prepare a short statement explaining why.
Investment Statements
Brokerage, investment, IRA, 401(k) and bank statements provide a snapshot of your portfolio mix and show any capital gains or losses you have realized. Your IRA, 401(k) or other retirement account statements provide information regarding on funds for your retirement and are helpful in determining future income tax liability.
Salary Information
- Current salary and commissions information, including realized and anticipated bonuses, are obviously a key to reflecting your current financial prospects. Show your gross earnings, rather than net.
Outstanding Debts
- Include information on outstanding debts, such as credit card balances, loan balances (including mortgages), child support or alimony payments and promissory notes.
Appraisals
- Professional appraisals of real estate (including your residence and any vacation homes or properties), jewelry, collections (such as coins, antiques, guns, autographs, etc.), motor vehicles, and ownership in businesses and livestock will help to complete the picture of your total wealth.
0 comments :
Post a Comment