Income Taxes

Taxes and Receipts

tucson accounting

Perhaps because everyone has been busier and our lives have become more complicated, I’ve noticed this tax season that people seem to be having more of problem getting and staying organized.

Receipts are scattered, lost, or become unreadable. One way to resolve this issue is to purchase an electronic receipt scanner. This piece of hardware plugs into your laptop or computer, scans a receipt, and then records the total and categorizes the expense information into your computer. No more worrying about whether or not you missed an amount. You can find a receipt scanner pretty inexpensively at most office supply stores.

Consider investing in something that will save you time and money. Organize your 2010 receipts and get a jump on 2011! Remember, we have 3 extra days to get our tax returns filed this year!

Residential Energy Property Credit

Are you aware of the Residential Energy Property Credit for homeowners when filing your 2010 tax return? Here are a few points for you to consider:
• The maximum credit allowed is $1500 – this could be split between 2009 & 2010 but it is a $1500 grand total credit.
• The credit is calculated at 30% of the cost of the product. If you put in new energy efficient windows for $4000 then the credit available for those windows is $1200.
• The credit ONLY applies to the product cost itself, not the labor or installation costs. So the total bill for the windows was $6000, only the amount that was for the actual windows is used to calculate the windows. Do not include labor or installation fees!
The credit applies to improvements such as adding insulation, energy efficient exterior windows, and energy efficient heating and air conditioning systems.

Verace Accounting…

10950 N. La Canada #6204
Tucson, AZ 85737

520 668-9338