The following is a guest article from Natalie Knows It...
Responsible people have already done their taxes, but us procrastinators haven’t!
Tips for homeowners
– A friend of mine just moved back east and bought a new home. It had been a while since her last home purchase and she had completely forgotten that she could write off most of her closing costs!
– Remember to keep all major home improvements receipts. Years ago I never used the receipts with my annual taxes because it was my primary residence (if it’s a rental property you can write off the expenses for repairs and upgrades annually) but because I had them and my property appreciated, I was able to use all receipts to reduce my capital gains tax. It helped a lot, as at the time of sale, it was a rental property. One never knows what will happen, so save those receipts well after the 7-year “throw away” time when it comes to upgrades on your properties.
– Do you volunteer? Just a reminder to those parents who volunteer regularly that you can write-off any expenses involved in volunteering and all travel mileage.
Tips for the dreaded accountant appointment
When we go to our accountant, we are there for several hours so I feed the children right before we go in (fast food – gotta cave sometimes) and at least 2 movies. I bring either a laptop or a portable DVD player. Now that my children are older and have different interests in movies, I might bring one for each and bring headsets so the sound doesn’t bother anyone. I also bring a picnic blanket and have them lay out on the floor next to us.
We dropped our stuff off yesterday with the accountant. We pray for a REFUND!
Additional Tax Resources:
- Filing online is faster. Here are reviews of the top online tax sites.
- The most common tax forms needed are the 1040 and the 1040EZ. You can also find other forms and publications here.
Great call on the travel mileage when volunteering. People often remember the charitable deductions but forget that little important point.
@Average Joe – I would never of thought of the mileage either.