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3 Mistakes Not To Repeat This Year

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Posted by Mike C Posted on June 11 2013

Errors can cost you in lost deductions. Now is your chance to get it right for 2013:

1. Failing to keep a log of deductible business driving. Whether you use your car for business, medical, charitable, or moving purposes, you need a record of mileage, including the date, destination, and purpose of each deductible trip. Keep a written record or use an app for this purpose.

2. Failing to keep receipts for tax-deductible items. Maybe you had unreimbursed medical expenses but you tossed the receipts. This year, be sure to retain all receipts that may generate a tax write-off for you. Unnecessary papers can always be discarded after your 2013 return is prepared.

3. Failing to obtain required written acknowledgments for charitable donations. If you gave $250 or more to a charity, you must obtain a written statement for such donation, including words that it was made without receiving any goods or services in exchange. Be sure to get this paperwork before you file your return.