Taxes? Now? Yes!!!

by David Bakke

taxesYou must think I am crazy to be writing anything at all on the subject of taxes, but something I was doing the other day gave me the idea to.

You see, every time I pay a credit card bill, I always go through all of the charges and I highlight any of them that will be tax write offs for me at the end of the year. Un-reimbursed medical expenses, job related expenses, business expenses, etc. I just highlight the charge, put a little note next to it and stick it into my Taxes 2009 file.

Now, why on Earth am I mentioning this to you? It is because of a fantastic lesson I learned a long time ago.

Let me ask you a question first: When do you start preparing for your taxes? A couple of weeks before the deadline?? January after the year your filing?? Never?

OK, let me give you the correct answer. The time to start thinking about and planning for your taxes of any particular year is January 1st of that year! Meaning, you should have been planning and thinking about your 2009 tax return for about 8 months now.

For those of you that simply save everything until tax time, that is great, but a little time spent each month will make tax time a dream for you. I do my own taxes and can have them done basically start to finish in about three hours.

That is because I am planning for them throughout the year.

It doesn’t take much more than a little organization and planning. Plus, if you think about your taxes from time to time throughout the year, you are liable to have that much more of a return come tax time.

It’s not too late to start now. Put together a filing system, save your receipts and start to think about what you can write off.

You will be glad you did.

 

To find out more ways to impact your personal finances, click here to sign up for mr free report “10 Fast and Easy Ways to Save Money in Your Everyday life“.

Comments on this entry are closed.

Previous post:

Next post: