Even though the April 15 tax deadline is a long way off, this Thursday is an important date to remember. Dec. 31 is the last day that you can spend and have your purchases count as deductions on this year’s taxes. So enjoy the spending!
Every New Year’s Day my husband and I snuggle up under a blanket watch football and stuff ourselves with pizza as our reward for spending the morning organizing our tax documents for our accountant. I know it sounds like a dreadful way to kick off the new year, but it really is a great way to reward ourselves for a job well done for task that is un-fun.
When two journalists marry it really just means that the ability to procrastinate increases two fold. It’s by our very nature that we’re deadline-oriented folks and we’re not math-minded individuals, so the thought of taxes nearly scares the daylights out of us. Besides, until we became homeowners we always owed money at tax time so there was really no fun in finding out the bad news any earlier. One year we postponed it until just days before and became those people on the front page of the local paper lining up at the post office before midnight on April 15.
I think we enjoy some kind of type-A personality self-torture on New Year’s Day. One year we decided to ring in the New Year by cleaning out teeny-tiny garage that was packed full of baby garb and boxes. Our neighbors all thought we were moving and we got tons of offers for our stuff from passerbyers who thought we were hosting a garage sale. “How much for the rollerblades?” is not what you want to hear when you’re knee deep in junk and there’s no end in sight. I think that was a far worse experience than pouring over receipts and gathering documents for our tax preparer.
So, if you’re thinking of following suit and putting your tax documents in order on New Year’s Day, I’ve listed below a few items that you can deduct on your taxes that you may not be aware of. Be sure to consult tax professional about any of the items listed below.
Surprise Deductions:
• Zoo memberships. (Who knew? But our zo is considered a donation to a non-profit organization and is therefore a membership is tax deductable. Be sure to ask your local zoo and/or your accountant.)
• Donations made to your child’s school and/or PTA. (We all write checks out of guilt to help out our kid’s schools and now you can deduct it on your taxes, too.)
• Magazine subscriptions. (If you order these publications as a work-related expense then you can deduct these from your annual tax bill.)
• Your accountant. (Make sure you keep your receipt from your accountant for preparing last year’s taxes or for any software you purchase if you prefer to DIY. It’s also a deduction.)
My Annual Checklist:
• 1099s and W2s
• Interest loans statements
• Mileage (You can also include any mileage that you do for charity/volunteer work)
• Property tax
• HOA fees
• Homeowners/renters insurance
• Mortgage interest
• Student loan interest
• Charitable donations – monetary or supplies
If you own your own home business or work from home you may be able to deduct these items:
• Business supplies (business cards, paper, equipment, tables, desks, etc.)
• Gifts (Items you buy for clients)
• Business trips
• Business meals (You’re allowed a certain amount for each meal while you are on a trip, and you can also count meals you have with clients and potential clients)
• Mileage (You can also include any mileage that you do for charity/volunteer work)
• Postage (stamps, shipping packages, etc.)
• Membership fees
• Tax preparation fees and bookkeeping fees
• Vehicle registration fees
• Union dues
• Home office space expenses (that percentage of your home that is dedicated to your office)
• Home phone
• Cell phone (that percentage of your calls that are business related)
• Internet
• Cable
• Water/sewer/trash bills to the city


