My Frugal Life: Saving Money And Tax Time
We 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.
Donate Charity Items For Tax Savings
As 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!
Determining the Value of a Craft Materials Donated to Charity
What is the value of yarn to be donated to a charity? I have a large box filled with yarn for donation, as well as, patterns, knitting needles, and latch and crochet hooks.
Determining Fair Market Value for Donations
I am the director of a non profit school for students with autism. We recently received truckloads of furniture and so forth from a local business and I need to write their donation form. Do you have a place on here where I can look up an estimated value of these items?
Christmas Club Account for Taxes
It 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.
Keeping Track of Receipts for Taxes
I use a monthly calendar to organize my financial life. I don't use a fancy one, just one that I receive as a promotional free item. I staple all check stubs and I write the amount of my receipts on the day that I had the expense.
Claiming Clothing Donations on Taxes
Can a host business of a clothing donation box claim the items in the box on their taxes?
Keep 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. (EX. property taxes, donation receipts, etc.) then it will be handy, and in one place next year when you go do your taxes.
Plan Now for Next Year's Tax Time
Start 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.
Claiming Unreimbursed Work Expenses on Taxes
I work for a company that pays $400.00 in expenses a month towards mileage and up keep on my car. I drive way over what I get a month. How do I handle this at tax time?
Use a Kleenex Box for Storing Receipts
I 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.
Organize Tax Records With an Accordion File
Tax 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.
The energy tax credits are back! Earned credits for Energy Star home improvements expired last year, but they have been reenergized for 2009 and 2010. Now, home improvements that create more efficient energy use can rack up nicely sized deductibles on next year's taxes.
Tax Time...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.
During 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. At the end of the year, you already have a total without any additional work.
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The energy tax credits are back! Earned credits for Energy Star home improvements expired last year, but they have been reenergized for 2009 and 2010. Now, home improvements that create more efficient energy use can rack up nicely sized deductibles on next year's taxes.
Tax Time...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.
Home Business Tax Deduction Checklist
If you're running a personal business, whether you're selling products for another company in home parties, you sell homemade products on-line, or you're a freelance writer or photographer like me, you need to keep close fiscal records for each year's income tax. Keep track of both your earnings and your deductions, and save a receipt for everything.
It 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. What isn't difficult is tallying and organizing my deductions.
