Love and Taxes

The month of February brings cold, dark days if you are living in the Midwest so the holiday makers invented Valentine’s Day smack dab in the middle of it.  I know that really isn’t the history of Valentine’s Day, but it is nice to remember to honor the one’s you love in the longest, shortest month of the year.  It is also the time for pulling your tax documents together.  Can you love this process?  Well maybe not, but it is an incredibly important task.  Let’s start with your year end credit card statement.  Obviously, most people are using their credit cards for numerous purchases (as established by the high rate of credit card debt in this country).  Most banks will send you a statement that categorizes all your spending on that card for the entire year!  This may not be accurate to a T, but is a wonderful place to find a lot of information!  Use this for business expenses, real estate taxes (if not paid within your mortgage), charitable contributions, medical expenses, and any other itemized deduction expenses you may have charged.  It is very useful and you can learn to love it. Maybe it will help you develop a budget for 2017 too!love-tax

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