□ Mileage: Keep a log of mileage driven for: (record beginning and ending odometer, date, destination and purpose). Keep a notebook in your car for ready use.
o Charitable volunteering
□ Childcare: Records needed for Child and Dependent Care Credit
o Name, Address and Tax ID for childcare provider
o Receipts for childcare expenses paid
o Keep receipts for education related expenses - several credits available - some are refundable.
o Keep receipts for out of pocket medical expenses
o Keep records for medical premiums paid
o Obtain a report of prescription costs from pharmacy
o Keep records for mortgage interest and points
o Keep documentation of personal property tax paid
o Real estate taxes
□ Contribute to your Retirement:
o Retirement Contributions through 401K reduce your taxable income
o Contributions to IRA are reported on tax return to reduce your taxable income
Saver's Credit can return up to 1/2 of your retirement contribution to you at tax time.
□ Evaluate your W-4:
o If you received a large refund, you may want to reduce your exemptions
o If you had to pay last year, you may want to increase your exemptions