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TAX SEASON IS HERE!

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TAX SEASON IS HERE!


Since tax season is upon us, here are a few helpful tips to prepare for the upcoming 2011 tax season!

  1. Make sure you your tax documents organized and located all in one place in order to reduce the chance of misplacing an important document.
  2. If you own a business or are an employee who needs to drive for business, keep track of your mileage. Keep a notebook in the glove-box and write down your business miles that day! Although the IRS allows you to recreate a mileage log, it is best to keep a mileage log. The mileage rate for 2010 is 50 cents per mile.
  3. If you make a donation to charity, make sure you get a receipt. The IRS loves to call on people who donate a lot. If you have the documentation, you'll beat them.
  4. If you are a teacher, you can deduct the cost of supplies. You can deduct the first $250 of supplies without itemizing, but anything above that will require itemizing and documentation. This can add up quick as I know teachers spend a great deal out of their pockets.
  5. If you moved over 50 miles to new employment, you should qualify for moving expense deductions. You can deduct most things with the actual cost of the move, such as transportation, storage, car mileage, and lodging (not meals). Don't overlook this one.
  6. Don't forget to report unemployment compensation as income if you received that.

3 Comments to TAX SEASON IS HERE!:

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Diana on Thursday, January 20, 2011 7:40 PM
Good to know! I will tell my teacher friends!
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controlaltachieve on Thursday, April 06, 2017 10:23 PM
If you own a business or are an employee who needs to drive for business, keep track of your mileage. Keep a notebook in the glove-box and write down your business miles that day! Although the IRS allows you to recreate a mileage log, it is best to keep a mileage log. The mileage rate for 2010 is 50 cents per mile.
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Ria sen on Friday, April 07, 2017 10:08 PM
Great reading so far! These are really helpful tips to prepare for any tax season not only for 2011. I think we should follow all these points as mentioned above in detail. You can order as write my paper reviews now to get help. By the way, I will follow all the advice also. Thank you so much and keep posting things like this. Have a good day!
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