Think Taxes Now –Save Time & Money Later!

Amy Hannold, FamilyTimeandMoney.com

Before you ring in the new year, take some time to consider your tax-filing situation. Here are some things to think about:

Given To Charity This Year? – This is a good time to gather your charitable giving receipts. Are there any other deductions you want to acquire before 2010 begins? Consult your tax preparer or IRS.gov for information. IRS.gov also has a list of reputable charities – check here before you give to an unfamiliar charity.

Contribute to an IRA for yourself and your spouse. You have until April 15, 2010 to make IRA contributions for 2009. (From cnn.com: check out CNN.com or MSN.com for their money-related articles).

Consider your withholdings allowances and withholding status: Though many of us look forward to a tax refund every year, ask yourself if what you’re getting back could be paid to you throughout the year, instead of loaning it to Uncle Sam at 0% interest—wouldn’t that be better? Evaluate your W-4 and see if any changes can be made.

Get Organized: Make it a resolution! Designate one area in your home and one set of files to organize all of your financial/home data. Start collecting those pieces of information that you’ll need at tax time. Being organized can save you lots of time and money when you know what you have and can find it fast! This includes receipts for big purchases, warranties/instructions, credit card statements, etc.

Want More Money Information? Check out these sites:

http://www.moneyinstructor.com/

This site has information for parents, teachers, homeschoolers and individuals who want to teach kids money matters—and learn for themselves as well! Read more about personal finance and other helpful money saving/investing/credit ideas.

http://finance.yahoo.com/taxes Several finance articles on money and personal finance can be found here. Lots of information on new tax laws and how to prepare for filing taxes.

Best Consumer and Finance Freebie: Order your free copy of the “Consumer Action Handbook”! It’s the yellow pages/encyclopedia of everything you need to know to protect yourself, make wise spending decisions and more!:

http://www.consumeraction.gov/