How To Make Filing Taxes Easy
Most of us have a mental aversion to paying taxes and preparing tax forms. They just keep postponing things until last minute and do the job only when there is no other go but to meet the deadline. It is very simple to calculate your taxes and fill the form provided you have a system and discipline in place.
If you are keeping track and saving all pieces of paper and prescriptions of your medical purchases, you need not do this anymore. All you need is to itemize your medical expenses.
It does not take you more than fifteen minutes to get your medical expenditure list ready. All you need to do is to ask your pharmacist to run a report on the prescription receipts on your name. Take a listing under the other names of your family members too and your annual medical list is ready.
Have you stopped tracking your vehicle mileage, yes it can be quite cumbersome to note down every time you go on a official trip or go for a party. Well you may want to look at the following options to make your work easy.
All you have to do is to take a list of all appointments that you have maintained in your calendar or planner in your laptop for the entire year and assign mileage with the help of GPS which is on your mobile. In one hours time, you vehicle mileage list for ht entire year is ready.
Printing this list on a monthly basis might be a better option too and saves on time for it takes only ten to fifteen minutes to do a month's listing. But those who are technology friendly have other options like Mile Bug which is available online for 3.99$. You can download this application on your iphone and start tracking your mileage.
Yes your tax man will confirm that you need to keep all the papers and supporting bills for a period of 7 years least you be called to produce them during an audit. There are ways in which this can be done easily.
You should buy seven poly-expanding folder or wallets. Using label maker, label and stick the year label on each folder and keep the relevant papers. End of each year, you can take out the papers and label of the year that is beyond 7 years and shred it. Use the same folder to paste the most recent year label and re use the same.
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