Revisit Last Year's Tax Return

I’m Kevin McCormally of Kiplinger’s with today tax tip. Going over last year’s tax return might seem like a waste of time as you prepare to confront this year’s ten 10/40, but it can really help with this annual reckoning. Last year’s return can be a handy guide, to what’s ahead.

Now, if your financial situation has changed significantly let’s say you were married or sold a home or started a business, your return maybe significantly different too. But if you are like most tax payers the situation is probably pretty much the same and your tax return will be too.

Skimming last year’s form will be a quick reminder of the kinds of incoming you have to report and it can also protect you from overlooking deductions you deserve. If your wrote $5000.00 in property taxes last year but your record shows you paid just $2600.00 in 2008, ask yourself this, which is likely that you’re missing a canceled check or your community cut tax rates in half?

For more tax tips to help lower your tax bill, listen to Kiplinger tax center at www.kiplinger.com/taxcenter.




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