Tax time will be upon us soon.

[moneysense]

Now is a good time to start going through all your saved reciepts etc. and separating them into the area in which they will be used to file your tax returns.

Dont forget that if you itemize, you can use your home office, depreciation on computers etc, plus products that you buy to use for your business. Plus the room itself can be deducted, but consult a person in the know to figure this deduction for you.

If you work away from home, you can use gas reciepts if you itemize. If you use your car for your business, tires, etc can also be deducted.

You can also deduct the interest you have paid on your mortgage for the year.

You can also deduct any contributions, such as clothing, furniture, etc, but make sure you have a reciept to prove that you gave this to the Salvation Army etc.

So go ahead and separate those reciepts now instead of waiting until the last minute to do so. Why go through unnecessary stress?

[dimetime]

You are right. Now is a great time to begin going through this years reciepts and get them all straightened out, instead of waiting til the last minute and getting all stressed out about it. Thanks for the useful reminder Moneysense. I will get started on mine right away. I am usally one of those who wait til the last minute and end up frustrated and mad. Though this year and from now on its going to be different for me. Thanks.

[pennypinch]

EWE Yuck! This is one of my least favorite things to do... get ready to file taxes. You are quite right though, we need to get ready because the tax season will be here soon. I am terrible when it comes to keeping these things together and neat as they should be. If I actually kept them organized, I probably wouldn't mind the tax season so much.

[carol b]

I hate tax time too but this year is going to really suck. I have to go to the tax man by myself. With my husband gone I have the resposibility of
getting everything together and taking it in. I hope I get it right.