TAX TIPS
Preparation Ideas from your Lake Tahoe Lender
Tax season often brings feelings of apprehension, uneasiness and procrastination. In fact, taxes are so unpleasant that most people wait until the last minute to prepare to file. Rushing to meet your tax deadline could cause you to overlook specific itemized deductions, essentially costing you money. The most commonly missed deductions include:
- Tax preparation fees and related materials
- Charitable donations
- Uninsured losses due to casualty or theft
- Investment expenses
- Moving expenses
- Job search expenses
- Medical expenses in excess of 7.5% of your adjusted gross income
Your CPA can help you determine which deductions apply to you. You can also look at a complete list on www.irs.gov and search for Tax Topic 500.
The best advice (and most often ignored) is to stay on top of your tax preparation year-round. Write notes on your receipts and file them shortly after the purchase is made. The task is not difficult, but requires self-discipline to complete.
Do you have some favorite tax preparation tips?
Call me--I'd love to hear your ideas.
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