Organization of Tax Records

Saving the most on your taxes requires three things. 

1. A Good Accountant
2. Good information
   
3. Proper Documentation
   

To help you get the most, we start with getting you organized and then keeping you organized throughout the year.  We help you by providing you with a report of payments as well as maintaining the corresponding receipts to optimize your accounting for taxes throughout the year. This additional information and documentation could allow you to take advantage of applicable tax deductions and/or allow to maximize available tax credits.

find out how easy taxes can be

We can help you collaborate with your tax professional to determine the information and the documentation needed to ease your stress and get your taxes done on time.

We take the guess work out of taking care of your financial information. 
Our goal is to help make tax filing a breeze and help you potentially save money.

The types of information to be considered for tax organization:

Interest Expense

Interest is an amount you pay for the use of borrowed money. Keeping track of what you pay in interest may result in tax savings.

Medical and Dental Expense

Deductible medical expenses may include but are not limited to:

• Payments of fees to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and nontraditional medical practitioners.
• Payments for in-patient hospital care or nursing home services, including the cost of meals and lodging charged by the hospital or nursing home.
• Payments for acupuncture treatments or inpatient treatment at a center for alcohol or drug addiction, for participation in a smoking-cessation program and for drugs to alleviate nicotine withdrawal that require a prescription.
• Payments to participate in a weight-loss program for a specific disease or diseases, including obesity, diagnosed by a physician.
• Payments for insulin and payments for drugs that require a prescription.
• Payments for admission and transportation to a medical conference relating to a chronic disease that you, your spouse, or your dependents have (if the costs are primarily for and essential to necessitated medical care).
• Payments for false teeth, reading or prescription eyeglasses or contact lenses, hearing aids, crutches, wheelchairs, and for guide dogs for the blind or deaf.
  
• Payments for transportation primarily for and essential to medical care that qualify as medical expenses, such as, payments of the actual fare for a taxi, bus, train, or ambulance or for medical transportation by personal car.

Charitable Contributions

To be deductible, charitable contributions must be made to qualified organizations. Simply Balanced Solutions can help determine if contributions were made to a qualified organization.

For a contribution of cash, check, or other monetary gift (regardless of amount), you must maintain as a record of the contribution a bank record or a written communication from the qualified organization containing the name of the organization, the date of the contribution, and the amount of the contribution.

Miscellaneous Expenses

There are three types of expenses that are potentially tax deductible:

• Unreimbursed employee expenses
  
• Tax preparation fees
  
• Certain other expenses, like investment management fees

Deductible Taxes

There are four types of deductible taxes:

• State, local and foreign income taxes
• State, local and foreign real estate taxes
• State, and local personal property taxes, and
• State and local general sales taxes

Disclaimer

Simply Balanced Solutions, LLC does not provide tax advice.  We provide and organize your information to take to your Tax Professional.

Your CPA will thank you