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Tax Tip of the Week
For the week of
May 5th, 2008


Get ready for next year's tax filing

There are no official statistics, but it's likely the number of financial resolutions made on April 15 is second only to those made on New Year's. When you're in the midst of tax time, trying to get the most benefit from allowable deductions, you can easily see how adjustments to your recordkeeping can save you time and money — and you promise yourself you'll make those changes.

Guess what? Now's the time to follow up on your promises. Here are two tips that can help ease next year's burden:

  1. Write it down. You know the general rule: IRS regulations require documentation for most deductions, including automobile mileage, charitable contributions, and business travel and entertainment expenses. You can keep logs, account books, or other expense records manually or electronically, in whatever system works for you.

    For instance, you could store a note on your cell phone after a lunch-time business meeting, and transfer the information to a more permanent format later. The key is making a habit of recording your deductible expenses and the supporting facts.

  2. Set it aside. Did you scramble to get enough money together so you could make a contribution to your IRA? Put your contributions on autopilot by establishing an automatic monthly transfer from your checking to your retirement account.

    For 2008, you can contribute up to $5,000 to a traditional or Roth IRA ($6,000 if you're over age 50).

For more suggestions designed to reduce the stress of next year's filing season, please give us a call.


Click here to view previous tax tips.


"Tax Tips" are published weekly to provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders, and current tax information.

The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax-cutting information from time to time, please contact our office. We're here to help.

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