Buying A Home? Get Your 2011 Tax Returns Done

If you are buying a home in 2012 then you need to get your 2011 tax returns done. I know, I know, we don't even have our W-2's or 1099's yet. There are still a few things you can do to get started in preperation of getting your 2011 tax returns done anyway.

If you are anything like my husband he starts out with great intentions every year of keeping every reciept organized and every expense recorded. Unfortunately, like a lot of people he falls behind on this task at some point through the year and it takes him a good day or so in the office to pull it all together.

As Mortgage Bankers, we don't need those 2011 tax returns to be done in the month of January. But come Feburary it becomes an issue so if you are shopping for a home or getting ready to be pre-qualified it is better to be prepared than to wait until that last minute. 

Top 10 Things You Can Do

• Sort through all reciepts and seperate them out per deductable catagory
• Make sure to have all of your taxable donations made for the year tallied up
• If you pay for day care get that end of the year statement
• Total all of your utilities for the year for possible credits
• Schedule your appointment with your CPA
• If you itemize your taxes don't forget your medical expenses
• If you relocated this year collect all of your moving expenses
• Keep an eye out for your end of the year interest statements from investment accounts
• Designate a special place to keep all end of the year statements that are coming in the mail or that you print off
• DON"T feel like you have to do it all in one day

All to often we get overwhelmed with taskes like these because it gets to be a mess before it gets organized. Make sure to give yourself time and space to sort through it all and break these tasks into smaller ones. Make a list and then check off your list as you go. There is a reason that tax returns are not due until April, but as a possible home buyer starting in January can make all the difference in the world when it comes to getting those pesky 2011 tax returns done in time.

If you have questions on how to get pre-qualified to buy a home in 2012 you can can call/text at 623.202.4449 or email me with your questions. I will be happy to help.