It is coming around the tax time again. Have you ever been frustrated while sorting all the financial documents and looking for everything you need for filing your tax? An effective way to make your tax filing easy and prevent you from any missing deductions is to keep a personal financial filing system where you keep all the financial documents well organized through the year. The file category includes:
- home business,
- rental properties,
- charitable contributions,
- child care expenses,
- education,
- family expenses,
- medical expenses;
- transportation expenses,
- … … … …
The records you need to keep such as: bank statement; investment report(e.g. mutual fund statements ); invoices; receipts; sales agreement; insurance records. And also keep mileage log is very much helpful to deduct your transportation cost if you have home business. We keep our mileage log right in the car and do it everyday.
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Lillian & Benjamin, we help families achieve financial success
contact: lillianwenli@yahoo.ca
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