Tax Tips For The End Of The Year | NBC News NOW

Channel: NBC News
Published: 12/21/2019

Description
From donations to medical spending, Stephanie Ruhle goes through the receipts you should be keeping at the end of the year (right now!) to get the most out of your tax breaks when you file in 2020. » Subscribe to NBC News: http://nbcnews.to/SubscribeToNBC » Watch more NBC video: http://bit.ly/Mo...



Transcript
[ music, ], hey there, i'm stephanie ruhle, and this is better business. Just thinking about your finances, make your head spin, give you a stomachache you're, not alone, but do not worry. We'Ve got you covered and i am here to help you figure it all out. Tax season, something you don't want to think about, but you don't have a choice. I know you are not ready to handle it, but you will set yourse ...
f up for success way before april 15th. If we just start addressing a few things now. Remember, last year's tax law changed a lot. The standard deduction is bigger than ever. Twelve thousand two hundred bucks for individuals and double that for married couples whoare filing together, but you must look at your expenses and figure out if that number works for you, if you itemize, you might be able to claim more deductions than that baseline. But what you have to do is your homework and i'm gon na help. You do it. We know in theory.

We should all be saving receipts for deductions on our taxes, but it's hard to know what's actually important. A lot of us have this giant shoe box filled with receipts and let's go through what receipts you might need. So here's a guide of how to keep track right now it is the season of giving which means a lot of expenses that you might beable to write off or ones you should pay attention to. Did you do anything? Givingtuesday? Did you volunteer around this time of year well great when you are doing any kind of charitable donation, whether it is a gift of time? Don'T forget this? It'S not just money time or money or goods paid, keep track of your receipts. The irs will let you write off most of those donations. A lot of medical expenses are actually deductible, so save your receipts from your co-pays that 5 10 20 bucks you pay. When you go to the doctor that could be deductible. How about i care products, contact solution, glasses contacts themselves could be deductible mental health care, evenyour acupuncturist, these add up to big dollars. Wouldn'T you like to write them off? You can even write off the cost of getting there same with your charitable donations. The other big category of receipts, you need to save anything work-related that is not reimbursed by your employee. Let'S say you're self-employed. That list grows even longer, so hang on to the receipts of any travel outside of commuting.

A uniform unite need any material. You need to get the job done. All of that can end up on your taxes. Let'S say you work from home. You might actually be able to add your home office to your tax filing. So please keep a receipt of your rentor, your mortgage payments, property taxes and utilities. Wouldn'T that be nice. Half of the battle is just keeping track of everything it can be as simple as keeping an envelope or one of those fancy binders with color-coded labels. Some some big folders in there just keep your receipts in one place. That little piece of paper might be the key to getting a great big tax break. That is my better business thought of the week for more money. Tips go to nbcnews.

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