As we enter the fourth and final quarter of 2013 here are some
reminders that you should keep in mind from my series of Tax Tips at the
MainStreet.com TAX CENTER and my tax season articles at TheStreet.com, with
highlights -
“If you have already
purchased an item you thought would qualify for the credit, you should verify
that it actually does before you give your ‘stuff’ to your tax professional
next year. Don't just include a copy of the bill for a purchase or a note that
you spent $800 for a new hot water heater and expect your tax pro to waste his
or her valuable time attempting to determine if the purchase qualifies for the
credit.”
“Taxpayers - when you make
a contribution to a church or charity make sure you receive and maintain all
the necessary documentation, and make sure any receipt, statement or
acknowledgement from the organization contains the statement: "No goods or
services were provided in exchange for the donation."
If you
made a contribution earlier this year but did not receive a proper and complete
statement from the church or charity there is still time to go back to the
organization and get a corrected acknowledgement.”
“So what should a Social
Security or Railroad Retirement recipient do? Consult a tax professional before
year end!”
“It is also a good idea to
contact your tax professional in November – before the end of the year – even
if none of the above events have occurred to discuss possible year-end tax
planning moves.”
“One medical deduction
that is often overlooked is the cost of traveling to and from doctors,
dentists, therapists, hospitals, clinics and the like to get medical care. Your
insurance company may cover the cost of the actual medical care, but it rarely
if ever reimburses you for your transportation.
Keep a
log of your medical travel during the year. This can be as simple as making a
note of the location, round-trip miles and parking and tolls for each trip in a
pocket datebook.”
TTFN
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