Tax-time lecture

I'm an attorney. I took 5 tax classes in law school (I'm still not exactly sure why...), and I've worked as a tax preparer for a major firm, as well as having tax clients in my law practice, so I've seen tax records in various states of preparedness. If you want to make it easier on yourself, do this:

1. Buy an 8"x11" spiral notebook with the perforated pages. Today.

2. Whenever you get a receipt that you even think *might* have something deductible on it, tape or staple it to its own page in the notebook, and write next to the receipt what you think the deductions are.

3. At tax time next year, tear out the pages with receipts on them, and take them all in to your tax preparer.

You'll have everything in one place, and they'll be able to sort identical-sized pieces of paper, instead of reciepts of varying sizes (which have a tendency to float off of desk tops, etc.). Once the taxes are done, the pages are also easier to file away than individual receipts are.

The other alternative is to do *everything* through your checkbook, and just mark potentially deductible items on your statements. The problem with that, though, is that sometimes you have more than one thing in the purchase amount; you go to the drugstore to pick up a deductible prescription, but you also buy soda and a book. If you have the receipt, you know the exact amount you paid that you can deduct. You can, of course, write the deductible amount in your check register, but what if you forget to do it right away?

Lecture concludes. Hope it helps!

a. ;)