10. Organize your tax records

Organizing your tax records and paperwork early gives you time to request copies of any missing documents and makes it less likely that you will miss valuable deductions when you file your 2006 tax return. If you are unsure of the documents you need to complete and support your tax return or to take advantage of other tax-savings opportunities, consult a CPA.

“In the midst of last-minute shopping trips and holiday gatherings, getting prepared for your income taxes is probably the last thing you have on your mind. However, by taking a few minutes to address these tax-savings opportunities you may be able to alleviate some of the crush of your holiday spending,” stated Elaine Weiss, president and CEO of the Illinois CPA Society. “A CPA can look at your total tax situation and provide personalized advice on which strategies will allow you to hold onto the maximum amount of your hard- earned money.”

2 Responses to “10. Organize your tax records”

  • Michael says:

    This does not excite me but this is what the IRS has to say.

    The tax statutes were re-codified by an Act of Congress on February 10, 1939 as the “Internal Revenue Code” (later known as the “Internal Revenue Code of 1939″). The 1939 Code was published as volume 53, Part I, of the United States Statutes at Large and as title 26 of the United States Code. Subsequent permanent tax laws enacted by the United States Congress updated and amended the 1939 Code.

    ALL taxes are theft. The government will continue to take more money from the rich AND middle class as long as we are okay with the idea of services provided at the barrel of a gun. Propaganda is the only thing propping up the idea of government.

  • If you set this up correctly you will have little or no tax liability. Then set up offshore bank accounts. If you want to eliminate taxes, start your business with an offshore corp and Foundation.

    – Edwardo Williamson

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