This year is all about saving money every day while trying to increase your income potential. If you did one thing each day that could save as little as $5 over the course of a year, you could have an extra $1800 in your pocket at the end of the year. Not all of these tips may apply to you, so to keep it fair, not all of them will apply to me.
One of my proudest achievements this year is a new log book for keeping track of our write-offs for next year. Previously I’d maintained all of our receipts, etc. in envelopes. Now, I’m making a daily log, and taping all of our relevant receipts into a journal format. This will make it easier when I’m doing taxes (and estimated tax payments as of this year), and keep my poor husband from having to save every unnecessary fast food receipt.
It will also save me time, money if my tax preparer charges by the hour, and will eliminate a hell of a headache as well if we get audited. (Please keep your fingers crossed, I really don’t need that stress.) Also, since you can’t write it off if you don’t have proof, this will seriously save on the taxes this year.
No matter what, you need to keep your receipts, charitable donation receipts, a mileage log, and any other data to track your write-offs throughout the year. me, it makes the new year a lot more pleasant.
(Note: I’m not including this amount in the running total because the amount that an individual can write off will vary widely.)
