Simple procedures can lead to tax savings - Ahwatukee Foothills News: Communitylife

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Simple procedures can lead to tax savings

Print
Font Size:
Default font size
Larger font size

Posted: Tuesday, February 16, 2010 12:00 am

Taxpayers can easily increase deductions by following a few simple tax organizing procedures before preparing and filing a return.

To begin, start gathering your records by finding any documents needed for filing your taxes – receipts, canceled checks/check registers, documents received in the mail such as W-2’s and 1099s.

Taxpayers need to fully understand what revenue was received and what deductions were paid throughout the year to make sure all allowed items are included in the tax return. One easy way to organize the tax information is to obtain an accordion file (use that year end, and during the year for record-keeping) and separate the information into categories such as medical and drug payments, taxes paid, sales tax paid on large purchases, mortgage interest paid on your primary residence mortgage, second mortgage or line of credit, and on a second home, donations made both cash and non-cash items, and any other employee-related expenses not reimbursed.

A review of each month’s bank statement for checks written and debit charges listed that are possible deductions will point out items that were previously overlooked. Also, a review of all credit card charges made during the year will add to allowed tax deductions. All of these items should be listed so that they are included on your tax return.

A small business can help reduce your taxes by permitting the deduction of business-related expenses against any income received. Operating a small business out of your home also permits a home office deduction, where a portion of household expenses can be deducted from revenues received.

Remember, to reduce your taxes or increase your refund, the government wrote the tax rule book, the IRS is the umpire, and you need to learn to play the game very well. That means keeping good tax records that maximize all allowed deductions that are permitted.

 

Ahwatukee Foothills resident Ken Lindow is a certified public accountant with offices located in Ahwatukee Foothills. Contact him at Ken@LindowCPA.com or (480) 940-8351.

More about

More about

More about

  • Discuss

Gun Control Advocates Are Planning To Target Three Vulnerable Pro-Gun Senators

After a 15-hour filibuster in the Senate and a 25-hour sit-in in the House will likely fail to produce meaningful gun reform after the Orlando…

Published: June 30, 2016 - 5:42 am @ http://thinkprogress.org/politics/2016/06/30/37943…

Declassified CIA file: detainee would probably have cooperated before torture

Medical personnel who aided in the CIA’s first simulated drowning found that the detainee who endured it was probably willing to cooperate bef…

Published: June 30, 2016 - 5:40 am @ https://www.theguardian.com/law/2016/jun/14/cia-wa…

FLW Fishing: Articles

An unweighted Yamamoto Senko, rigged on a wide-gap hook, has caught a lot of bass for me. Most often, I use it where the fish have been hammer…

Published: June 30, 2016 - 4:22 am @ http://www.flwfishing.com/tips/2015-11-11-fishing-…

Attorney General Lynch has private meeting with Bill Clinton

Attorney General Loretta Lynch met privately with former President Bill Clinton in Arizona on Tuesday, but Ms. Lynch told reporters that the t…

Published: June 30, 2016 - 3:41 am @ http://www.foxnews.com/politics/2016/06/29/attorne…

Legal marijuana heading for Arizona vote

PHOENIX - Advocates for legalizing marijuana in Arizona say they will file more than 260,000 petition signatures Thursday with the secretary o…

Published: June 29, 2016 - 10:39 pm @ http://www.12news.com/news/politics/legal-marijuan…

Sungevity set to go public in merger with Easterly

Technology solutions provider Sungevity and Easterly Acquisition Corp. have entered into a definitive merger agreement that will see Sungevity…

Published: June 29, 2016 - 9:07 pm @ http://www.pv-tech.org/news/sungevity-set-to-go-pu…

BREAKING: ISIS Terrorists Used Obama's 'Fast and Furious' Gun During Paris Attack!

On the evening of 13 November 2015, ISIS linked terrorists slaughtered 130 people in a series of coordinated attacks in Paris. The Islamists m…

Published: June 29, 2016 - 8:38 pm @ http://www.thegatewaypundit.com/2016/06/breaking-i…

Pinal County Sheriff's Office

Pinal County Sheriff's Office is on Facebook.To connect with Pinal County Sheriff's Office, sign up for Facebook today.Sign UpLog In@PinalCoun…

Published: June 29, 2016 - 7:47 pm @ https://www.facebook.com/PinalCountySO/posts/10560…

The Chicken Scoop: an eatery completely focused on chicken salad to open in Scottsdale

SCOTTSDALE, AZ - When it comes to chicken salad, how much of a fan are you? If you answered, “super fan,” than you’ll be quite interested in a…

Published: June 29, 2016 - 7:06 pm @ http://www.abc15.com/news/region-northeast-valley/…

Union Conducts Nationwide Anti-VHA Privatization Protests

The American Federation of Government Employees (AFGE), the largest labor union representing federal and District of Columbia government worke…

Published: June 29, 2016 - 6:36 pm @ http://prospect.org/blog/tapped/union-conducts-nat…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…