I am an accountant. I have many people who can never find all of the inmortant paper work come tax time. Get either a expandable folder that has 12 slots or manilla envelopes for each month. Place all of your tax deductable receipts in the month they were bought.
Also include all of your Dr's appoinments, receipts and mileage. Medication receipts and mileage. If you tally th milage up once a month is takes less than 5 minutes. Make sure to note any and all volenteer milage and donations. If you donate clothing, and HHG list exactly what you gave. ETC
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Nothing ground-breaking, but... Spend the time researching tax breaks. If you give to a charity, you do a good deed and you qualify for tax write-offs. There are also tax write offs for going Green, such as trading in your "clunker", etc. Finding these tax breaks can save you some serious cash.
An Organized Method for Giving Used Items to Charity for Tax Purposes!
When I donate used items such as clothing to Goodwill or other charities,I always post a list of each item as it goes in the collected bags and then tape the list to said bag and the next morning when I set the bags out,I collect the list and keep them together with the tape and an address of the charity and it's name and the date given. This procedure has helped me when the charity [very rarely] forgets to give an accounting sheet with their logo for income tax purposes. It also helps ...
Did you know that parents who pay tuition for their children's higher education, in most cases, are eligible for some sort of education tax credits. Those who must deplete their savings for this reason should take care to record the amounts paid for their tax records. The credits for these expenses can reduce your tax bill by thousands of dollars, depending on the circumstances!
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