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2005 Tax TipsAsk a Question Follow

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My Frugal Life: Saving Money And Tax TimeWe have so many things in the fall and winter to spend money on so tax time is in the spring or late winter. In Canada, we do no not have to hand in our tax form if we have money coming back to us, so we wait till October to send in our tax form.

 

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Donate Charity Items For Tax SavingsAs an Accountant, I recommend that every month people work to gather their excess or unused items and donate it to a legit 503b non-profit charity. The benefits are tremendous!

 

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Christmas Club Account for TaxesIt looks like December is so full of extra payments and of course those dreaded taxes we have to pay. Don't stress over them. Go open a Christmas Club now, to pay your taxes when they come due in December. It is well worth the effort.

 

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Keep Tax Folder HandyKeep a folder in a place it won't get lost or misplaced. Every time you receive something you will need for your taxes put it in our folder. then it will be handy, and in one place next year when you go do your taxes.

 

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Plan Now for Next Year's Tax TimeStart out this month preparing for next year's tax time! Label 12 business-size envelopes (one for each month), and put all your receipts in the respective envelopes.

 

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Use a Kleenex Box for Storing ReceiptsI am a very disorganized person, so, during the year, I stuff all my bills, receipts, and other papers needed for income taxes into an empty Kleenex box. Then I don't have to hunt for them all over the house.

 

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Organize Tax Records With an Accordion FileTax records were always a problem for me. I now use an accordion file folder with 12 slots. I use one for each month. I keep it next to my computer since I do most of my bills on line.

 

Prepare for Tax TimeTax Time, I hate it. However, there are a few things I do to prepare. Start only when feeling sharp, refreshed, and clear headed. If there are errors, it will only delay that return you need so badly.

 

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Getting Ready for Tax SeasonDuring the year keep a running tab on how much you have spent on all medical costs including prescriptions, doctor visits, dental visits, co-pays etc. I also keep my statements and receipts together with this list in a folder.

 

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Organizing Tax SeasonEvery January I set up a new manila folder and mark it with the year. Then every time I have a receipt or statement I need to save, I just put it in the folder. Come tax season all the paperwork is in one place.

 

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Use Envelope for a Year's Worth of ReceiptsI have a tip for organizing your receipts for income tax. Every year in January, I get a medium brown envelope and write on it "Tax receipts 200?" (whatever year is the current one). I put all my receipts in it through the year.

 

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Keep Track Of Deductibles On Checks All Year LongI put deductible on the memo line on checks and, when balancing my account, write the name, etc. of the amount and to who the deductible was written to on the statement page.

 

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Keep A Running Tally Of Medical Expenses Through The YearI keep a running record of medical expenses by family member throughout the year. I start l/l and end 12/31. At the same time, I tally each cost on a cumulative basis. At the end of the year, I have it. Total medical costs for income tax preparation. Easy... and it works

 

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Keeping Good RecordsHere are some tips from the IRS about keeping good records. You can avoid headaches at tax time by keeping track of your receipts and other records throughout the year.

 

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Itemizers Can Deduct Certain TaxesDid you know that you may be able to deduct certain taxes on your federal income tax return? You can receive these deductions if you file Form 1040 and itemize deductions on Schedule A.

 

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Tax Write Offs for Home BusinessesIf you work from home, be sure to take advantage of any tax deductions that are available to you. For example, if you set up an office in your home that is only used for business purposes, you can write of the space on your tax return.

 

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Avoid Delays With Your Tax ReturnBe careful when switching software or filling out your tax return if you are married-filing jointly. My husband and I accidentally switched the order of our social security numbers from last year to this.

 

A photo of tax forms.

Saving Money on TaxesTips for saving money on taxes and tax preparation. I would recommend going to a tax professional at least once in a while. Usually they do know more than you do about taxes and you might learn from them.

 

Organizing Tax Receipts

Organizing Tax ReceiptsIt is not a coincidence that the word "taxing" and the forms we file each April have the same root word. For me the concept of filing taxes would be impossible without a computer program that does the work for me.

 

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AARP Tax Question LineTax time is coming. Did you know that if you need help, you can call 1-800-829-1040 for free. This is from AARP.

 

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The Benefits Of Filing A Tax ReturnThe Benefits Of Filing A Tax Return. Hope this is helpful to someone thinking about not filing a tax return this year. Due to illness one year, my income did not require me to file a tax return. I regretted that decision.

 

Donations

Getting The Correct Tax Deduction On DonationsGetting The Correct Tax Deduction On Donations. I am cleaning out my closet before the end of December and taking it to the local helping hands store. When you deduct charitable donations of clothing at tax time, do you just guess at what they are worth?

 

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Home Business TaxesI use a portion of my home for business and I can deduct a portion of my utilities, home improvements, and purchases pertaining to the business from my taxes.

 

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