Friday, December 18, 2009


In a couple of weeks it will be time for me to publish my annual “starting the year off right” and “year-beginning tax planning” posts.

The number 2 item on my list for starting the year off right each year is - set up a good system for maintaining tax records and receipts.

I usually remind readers that taxpayers MUST keep good, contemporaneous records of all your income and deductions in the manner prescribed by the IRS and the Tax Code and that some deductions require special recordkeeping or additional information, such as business meals and entertainment, business use of "listed property" such as automobiles, cell phones and computers, gambling losses, and charitable donations.

I advise clients and readers alike to keep records during the year as if you are going to be audited by the IRS. In the rare case that your return will be selected for review you will be ready. If you are not audited you will at least be assured that you did not miss any deductions or credits to which you were entitled.

The more information you provide your tax professional at tax time the more accurate your return will be, and the easier it will be to properly prepare. And your preparation fee should be reduced.

To help you with this task I have compiled a package of advice, information and forms, schedules and worksheets to help in “Documenting 2010 Deductions”. The contents include -
• Start the Year Off Right
• What Your Tax Pro Will Need To Prepare Your Tax Returns
• Tax Preparer Summary Sheet
• What’s New For 2010
• Keeping Track of Investment Cost Basis
• Cost Basis Worksheet
• Statement of Dividend Income
• Statement of Pension Income (sent separately – “landscape” format)
• Owner-Occupied Multi-Unit Rental Property Expense Analysis
• Statement of Rental Income and Expenses
• Statement of Rental Income and Expenses – Vacation Property
• Depreciation Schedule (sent separately – “landscape” format)
• Deducting Medical Expenses
• Medical Expense Worksheet
• Medical Expense Analysis
• Medical Mileage Log
• Deducting Taxes and Interest
• Supplement to Schedule A
• Deducting Contributions
• Charitable Contributions Record
• Charitable Contributions Listing
• Charitable Mileage Record
• Salvation Army Valuation Guide – Non-Cash Contributions
• Deducting Miscellaneous Expenses
• Miscellaneous Deductions Worksheet
• Keeping Track of Business Expenses
• Employee Business Expenses – Generic
• Employee Business Expenses – Conventions, Conferences, Education
• Auto Expense Worksheet
• Auto Mileage Log
• Business Travel Record
• Cell Phone Log (sent separately – “landscape” format)
• Child and Dependent Care Expense Record
• Record Retention
The cost of this package is only $9.95!
As a special offer for the readers of TWTP - mention you read of the package in TWTP and I wll also send you free of charge my special report on "MY BEST TAX ADVICE".
The package will be sent to you as an email attachment.
To order at this special discount price send your check or money order for $9.95 payable to TAXPRO SERVICES CORPORATION, and your email address, to –

JERSEY CITY NJ 07306-2807

So get your order in the mail today!