Finances - Tax Deduction Checklist

Finances - Tax Deduction Checklist

Tax deductions are what get you bigger refunds. If you itemize your tax return you need to have a good idea of what you can deduct. This checklist covers most of the major tax deductions.

Tax Deduction checklist

Form 1098 or your mortgage statement: if you purchased a home in the previous tax year and prior tax return or if you refinanced in the prior year and are deducting points on that loan over its life.

Investment interest expense: Brokers' statements showing any margin interest paid and loan statements for loans taken out to purchase investments.

Losses due to theft: include a description of property and insurance reports showing reimbursement or any cancelled checks showing value of property.

Charitable donations: bills, receipts or cancelled checks for cash donations, mileage records for charitable purposes, receipts from charitable agency with estimated value in the case of property donations, prior years' tax returns for any unused charitable contributions.

All work related expenses : Reimbursement check stubs or reports from an employer, union dues, receipts, bills or invoices for supplies, gifts to clients, any uniforms or special clothing, seminars attended, professional publications and books. Travel information including invoices or receipts for transportation, lodging, restaurants and parking. Any job search expenses and job related educational expenses.

Misc. deductions like Tax preparation fees, cost of income tax return preparation software and books. Safe deposit box rental fees from bank. IRA custodial fees, investment advice costs.

Last year's state income tax return, W-2 and any cancelled checks for state estimates you've paid.

Medical and dental expenses including Form SSA-1099, year-end pay stub for premiums paid through your after tax wages, mileage records for trips to the doctor, clinics, etc.

Real estate tax collector bills or cancelled checks and Form 1098 or closing statement if you bought, sold, or refinanced property in the tax year.

Any tax bills or cancelled checks for personal property like automobiles.

Employee SSN and wages paid during tax year to any household employees.

Records showing any estimated tax payments or overpayments for prior years.

You could save huge in tax preparation fees by being a bit organized. You can also save a lot of time by getting all your required documents in order before you go to a tax preparer or start your tax return online.

This communication is for information only. Please consult a tax professional regarding tax deductions.

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5 Things Successful People Do After 5p.m.

5 Things Successful People Do After 5p.m.By Amy Levin-Epstein

(MoneyWatch) You may have read the popular post by Forbes writer Jennifer Cohen about five things incredibly successful people do before 8 a.m., which highlighted smart suggestions like visualizing their day and making their schedule top heavy. But that's not the only outside of work window in which you can pump up your productivity. Recently, I spoke to some career experts about things you can do after 5 o'clock that can help rejuvenate you and get you prepared for a top-notch tomorrow. Here are five they suggested trying:

Wrap up your dayThis includes responding to every email you received during the course of your day, says Julie Morgenstern, author of "Time Management From The Inside Out." "Do this, even if just to tell the sender that you've received their email, and will get back to them within the next day or so with an answer."

Plan for tomorrowTake a look at the rest of your work. "See what's on their schedule for the next day (and two beyond that), pull necessary prep documents and files, and have everything set to hit the ground running the next morning," says Morgenstern. And prioritize that massive To Do list. "Name your top 3 (to 6) priorities for the next day-to ensure you proactively complete those priorities, no matter what else flies at you unexpectedly," says Morgenstern. Don't forget to do the same for your team. "Plan your team's next day's priorities, and send out instructional emails or check ins."

Take time for friends and familySuccessful people invest intentional time in their personal networks, says efficiency expert Andrew Jensen. "They recognize that success at work is empty without success in their home and with their family," says he adds. The key is to make it quality time. "They actively exercise listening, while restraining from dominating the conversations," says Jensen.

They take care of themselvesInvesting in your health is always a smart personal, as well as business decision (if you're constantly sick, or even just tired, you won't function at your peak). "[Successful people] eat a healthy dinner, understanding the value of nutritiously investing into themselves and the corresponding returns they can expect. They exercise, channeling away pent up stress while strengthening their bodies and helping ensure a better night's sleep," says Jensen. While you're taking care of your body, don't forget to keep your personal finances healthy, too. "Don't let it pile up and become an increasingly stressful distraction," says Jensen.

They sleep for 8+ hoursThink staying super late is great for your career? While there are some circumstances that warrant it, in general sleep is a good career choice. "A good night's sleep is the secret weapon of highly successful people," says Alex Doman, CEO of Advanced Brain Technologies and author of "Healing At The Speed of Sound." "In the short term, a lack of adequate sleep can affect judgment, mood, ability to learn and retain information, and may increase the risk of serious accidents and injury," says Doman, adding that over time the effects may be even more grave. "In the long term, chronic sleep deprivation may lead to a host of health problems including, diabetes, cardiovascular disease, depression, and obesity."

Make these five behaviors after-hours habits, and you might find that you become efficient -- and successful -- over time.

2013 CBS Interactive Inc.. All Rights Reserved.
http://www.cbsnews.com/news/5-things-successful-people-do-after-5-pm/

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