If you’re reading this, chances are you’re not one of those day-after-Thanksgiving shoppers who rise before the sun to eagerly greet weary and probably terrified sales clerks for the busiest shopping day of the year.
Thanks to the prevalence of cell phones, you can pass this message on to your shopaholic or bargain-hunter loved one: Save those receipts!
No, we’re not talking about gearing up for that busiest “non-shopping” day of the year when everyone returns their Christmas gifts. This is about preparing yourself for tax season.
Whatever shape President Bush’s plan to overhaul the tax code system eventually takes, Washington taxpayers who itemize can deduct state sales taxes from their 2004 federal income tax return, thanks to a provision signed into law a month ago. You have to itemize to take the deduction – no 1040EZ form. If you haven’t saved your receipts so far this year, don’t panic. Charts should be available to taxpayers to help them determine deductions.
Let today be the day you get organized once and for all with those pesky slips of paper that tend to fly out of your wallet or get left in department store bags only to get tossed out. It could mean a little more money in your pocket.
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