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Summary: Organization and good record keeping is the main secret to saving money on taxes. Understand what type of organization is important for saving money on tax returns with tips from an experienced tax professional in this free video on tax deductions.
Kristen Brand has over eight years of accounting experience. She is a CPA in Florida and is a practitioner in Florida's Certified Audit Program for sales and use tax. This designation...read more
"Hi, I'm Kristin Brand. I'm a CPA with Excel, and the question that I hear most often, is how can I save money on my taxes? The answer to that, is to really be organized, and think about this ahead of time. If you wait until the end of the year, it's often too late to come up with these kinds of tax planning ideas, and it's too late to implement them, so the best thing you can do, is come and see your CPA, before the end of the year, to help think of some ideas, and get organized. Get your paperwork together, and document the kinds of tax exemptions and deductions, that you may have. One thing that people often forget, is that you can deduct the contributions that you make to your retirement savings accounts. This is something that typically needs to be done by a certain time, so there's a little bit of planning involved.If you wait until the very last minute, you may not get to take this deduction. The same thing goes for a lot of the money you spend on day to day things, that happen to be related to your business. A lot of times we get a shoe box full of things at the end of the year, and we don't have such a fun time sorting through that kind of information, but if you can keep track of it as the year goes on, you can really save yourself a lot of time on your money, and taxes, and also save a lot of money in accounting fees. I'm Kristin Brand, with Excel, and that is how to save some money on your taxes."
eHow Article: How to Save Money on Your Taxes
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.