HAVE YOU CONSIDERED...
DR. FRENCH O'SHIELDS
In this eighth month of 2010, our country and world are in a cauldron of problems.
Yet, there are some things about which we can rejoice. For example, unless you filed for an extension, or you received an “oh no!” letter from the IRS, filing your income tax is over at least for another year. That, my friend, always gives me great joy.
For one thing, it improves my marriage. During tax season, I ask my wife for permission to take over our big dinning room table. She grants my request, but not with jubilation.
Soon it is completely covered with papers. Some sorted but most scattered endlessly like the pieces of a jigsaw puzzle hopelessly looking for their place.
My kind wife suffers through the weeks of this ordeal by lots of prayer and by asking daily two questions: “Aren’t you finished yet?” “How much longer is this going to take?”
With the taxes all finished for another year, Mama gets her table back. Mama is very happy. When Mama is happy, Papa is happy. We have survived another tax storm.
Well, not so fast! It appears to be over, but not really. A major decision looms. Which of all these papers and forms can I heave-ho and what is the “must keep” stuff? Where and how long do I keep the important stuff
Some recent information helped me. It may help you also: Important items (originals or copies) tax and otherwise, can be kept at home, preferably in a FIRE BOX.
Cancelled checks, bank statements should be kept for one year. But those needed for tax return documentation: W-2’s, 1099’s, 401(k) statements and proof of deductions etc., should be kept in a secure place for SEVEN YEARS.
To be KEPT IN A SAFE-DEPOSIT BOX AT A BANK: Loan discharge notices (never throw away); will, power of attorney, car/property titles, KEEP until updated or no longer applicable. Also included are stock certificates and/or bonds if held by you, but it is usually best to keep these in a brokerage account for security, organization and ease of tax filing.
Do-it-yourself computer software, Certified Public Accountants and various tax services make it easier. To me, it is still an annual nightmare and probably going to get worse. Messages daily in my e-mail warn of the largest tax increase in U.S. history coming soon.
Yes, being a Christian binds me to “render unto Caesar, the things that are Caesar’s” (Matt. 22:21). But the use, or misuse, of our tax dollars makes this painful.
Hey! Maybe this is an excuse not to pay taxes.
Hold on! Not really. Jesus set the example. Matt. 17:27 tells us the incarnate Jesus performed a miracle pulling money from a fish’s mouth to pay his taxes to a cruel Roman government.
Hmm. Since I do desire to obey the Lord and have no desire to go to jail, guess I am stuck with the dinning room table annual encounter.
(Dr. French O’Shields is a Gaffney native and a retired Presbyterian minister.)








