Ten Tax Saving Ideas

By knowing what tax deductions a person is aloud and keeping track of receipts all year round a person can have great savings on his/her taxes.

(PRWEB) June 26, 2005 -- Most people scramble the first four months of the year to find lost receipts and scrape together as many tax deductions as possible to minimize their tax liability. April 15th has come and gone. Tax refunds have been received and spent and with summer here, we try not to think about the unpleasantness of taxes. But in reality, tax planning is much easier when considered all year around. It is much easier to remember where a receipt is and what it is for now, than it will be in a year from now.

It is very simple to make tax time easy and less painful. Make file folders with the following headings that apply to your situation. Once a week or month file the receipts in the appropriate file. When tax time rolls around, it will be organized in one place and you will not be looking in the back of drawers and in couch cushions for receipts. Here are ten suggested categories and what they encompass.

  • Income From Wages- Pay stubs from your job.
  • Other income - Side jobs, interest and investment income.
  • Medical Expenses - Doctors, dentists, hospitals, glasses, mileage, prescriptions, insurance premiums.
  • Taxes Paid - Taxes on real estate, vehicles and income taxes paid.
  • Mortgage Info - Payment receipts, refinance papers and copies of checks.
  • Cash Donations - Cash you pay to any non profit organization such as churches, scouts, United Way, PTA, etc. Keep track of mileage for charitable activities.
  • Noncash Donations - Anything you donate to a non profit organization such as clothing to the Salvation Army or a car to the Kidney Foundation.
  • Work Expense - Anything you spend for the production of income through your job. It includes tools, supplies, cell phones, etc.
  • Child Care - Receipts and copies of checks for day care providers. Make sure you get their federal ID number and keep it on file.
  • Educational Expense - Receipts for college tuition, books, and class fees. These can be for parents and/or students.

Kathy Anderson, president of Lone Peak Business Solutions states, ≥It always frustrates me when people have to pay more taxes than they need to. All it takes is a few minutes each week to save hundreds of dollars in income taxes. Our money is much better spent by us than the government.≈

For more tax saving ideas check out: www.lonepeakbusiness.com.

# # #





 

Our Sponsors:

First Southern Bank
Locally owned and operated
With Personal Service from
Kevin Klaine or Steve Schauwecker



The Bank of Marion
A Full Service Community Bank
(618) 997-4341
Judy Batchelor - Mike Rice



Banterra Bank
Banking With
Local Sytle


your bank here
get qualified leads from
targeted traffic, real home buyers.
Click to contact


South Pointe Bank
Branches in Five
Southern IL cities


First National Bank of Jonesboro
The Best Bank Your
Money Can Buy!


Anna National Bank
Services You
Can Rely On!


Anna State Bank
It is Not Too Late
to Start Saving!


First State Bank of Eldorado
A Community Bank
That Cares About You!


First National Bank in Pinckneyville
A Real Community Bank
With Extra-Caring People!


Du Quoin State Bank
Your Bank
For a LifeTime


Carterville State & Savings
Come Live
with Us!


Bank of Herrin
Where Banking is
Still a People Business!


Murphy-Wall
State Bank and Trust Company

From Start to Finish!


your bank here
get qualified leads from
targeted traffic, real home buyers.
Click to contact






SouthernIllinoisMortgage.com
Helping You Compare Local Lenders

Legal Mumbo Jumbo:
Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, SouthernIllinoisMortgage.com cannot guarantee that inaccuracies will not occur. SouthernIllinoisMortgage.com and the author(s) will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site. Always seek professional financial advice!



Copyright 2017