Tax Tip Thursday – Week 2

January 22, 2009

Welcome to week 2 of Tax Tip Thursday!CB022164

So by now you have done the 1st Tax Tip exercise– you have organized your 2008 receipts and documentation.  Well at least it is on your to do list!

Now it is time to start reviewing your documents and determine what you will need for tax prep.

  • If you use software such as Quicken or  a home made spread sheet, run your category totals for the year and look for and correct any errors.
  • Save all the totaling up for end of year? Get started!
  • Have a pen and paper handy for info that pops in your head, questions you need to ask, a list of things you need to research further.
  • Make sure you have proper documentation for any charitable donations, include clothing and household item you have donated.
  • Determine what receipts and documentation you need for tax prep. Not all will be needed or tax deductible. Keep non-tax related info separate from the tax related.

In future posts I will outline what to keep and what not to keep as well as discuss procedures and tips for donating goods to such charities as Big Brother Big Sister, Salvation Army, etc.

January 31st is right around the corner. This is when all W2’s are required to be sent out. Be on the look out.

It is now time to make your appointment with your tax professional or  purchase your self prep software.

Ready, Set, Go!

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