When it comes to financial matters, "What is the one thing that is the hardest for people when it comes to money?" Survey says, "Taxes." Two things are inevitable in life, Death and Taxes. So as stressful as tax time can be, relax. We all have to pay them, so you might as well work on making it as easy as possible.
People hate paying taxes, but on the bright side, if you are paying taxes it means you are earning money. The more you pay, the more money you are earning. If you are earning money it means you are creating wealth for you and your family. If you earned more it potentially means you can keep more. Remember, being grateful for what you earn is the road to building wealth. So pay your taxes with a grateful heart, but you need to learn to organize and deduct as much as you lawfully can.
How Do I Make the Most of My Tax Deductions?
To make it easier for you and your accountant, you should prepare Tax Deductible Receipt Folders or Envelopes. This is so during the year you can just put your receipts in a safe place so that when tax time comes you will already have put together all paperwork you need to complete your return.
Tax Deductible Receipt Folders should be separated into categories. The various categories you might want to consider are:
- Donations to charities
- Medical and dental expenses
- Investment expenses
- All nonreimbursed employee business expenses, including travel and entertainment
- Higher education expenses
- Real estate expenses
- Tax preparation fees
So go grab some envelopes or folders. If you didn't do this last year, I want to make up envelopes for 2009 and 2010. Lets' start this year right. Now get to it!
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