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Financial Planning / Tax Strategies


Subject:  Re: Is it worth it? Date:  12/31/2011  4:21 PM
Author:  irasmilo Number:  114482 of 131149

This year, it was worth it, but it took me many, many hours to add all those darn receipts up. I'll do it again next year, but will likely not have as many big ticket items (thanks to the new home), it will be an interesting exercise next year to see if it is still worth it.

If you use personal finance software, you might want to split transactions, and list sales tax as a separate line. For instance, rather than put down $1065 as "new stove", you'd put down $1000 for new stove and $65 for sales tax. Then at the end of the year you can just run a report to show what you paid. Seems like a lot of work, but then, so is keeping receipts and adding them all up at then end of the year.

Another option is to scan all of your receipts using a program like NeatReceipts. It will OCR your receipts and categorize the items for you. Spoiler: the NeatReceipts software/hardware bundle is not cheap (but it is deductible <g>).

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