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Start Planning Your Taxes Now

By JLP | October 29, 2005

DISCLAIMER: I am NOT a tax expert. When it comes to taxes, if you have doubts or questions you should consult a tax expert.

On Thursday my H&R Block tax class began talking about itemized deductions. There’s a lot of deductions available. The problem is that they take planning and organization ahead of time to be able to take advantage of them. Why? Because you have to keep records so that you have proof in case the IRS ever audits you.

So, there is no better time than right now to start planning your deductions for the 2006 tax year.

Itemized Deductions are calculated on Form 1040 Schedule A&B. The deductions are broken down as follows:

Topics: Tax Planning, Taxes | 2 Comments »

2 Responses to “Start Planning Your Taxes Now”

  1. thc Says:
    October 31st, 2005 at 1:25 am

    JLP: You should go into more detail about the recent addition of a sales tax deduction.

  2. Consumerism Commentary Says:
    October 31st, 2005 at 9:13 am

    Carnival #20!

    The Carnival of Personal Finance has reached issue #20, and is hosted this week by WealthyWeb. All of the articles submitted and included are worth reading, but particularly these: 2million realized that 0% balance transfers (like the one I attempted) …