Tip 151. Break down tax deductions by subject.

Tip 151. Break down tax deductions by subject.

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It’s March. Have you finished your taxes? What? You haven’t started them yet?

April 15th will be here before you know it. What are you waiting for? Send your money in. The government needs money to pay for their $5,000 hammers. Next year’s returns will be due before you know it.

Here are two easy ways to get more organized for Tax time:

1. (Computer) Create an Excel spreadsheet with the specific types of deductions listed down the far left column. List each tax year along the top from the left (current year) to the right (next year). This allows you to compare your current year amount with other years.

2. (Paper) Have a Support Category called Accounts Paid. This is where all invoices you have paid are filed. Title each hanging folder by its subject such as: Medical, Childcare, Insurance, etc. At the end of the year, total the invoices in each folder and you have the amount spent for each taxable area.

Thinking about tax time reminds me of one of my favorite Christmas lyrics: ♫ “It’s the most, wonderful time of the year.” ♫

Not.

© Greg Vetter 2019. All rights reserved

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