Maximize tax deductions

Zhenya Grinshteyn —  January 4, 2010 — Leave a comment

Tax season is fast approaching and the Chicago Tribune has posted an interesting list of some oft overlooked tax deductions which many people may qualify for.

Expensify is all about making your life simpler, including the burden of taxes. A good example of this comes from #5 on the Chicago Tribune list: a mileage and toll deduction for a move related to a new job. While it may be too late to do so for 2009, start the new year off right; set up a mileage relocation unit in Expensify:

  • Log in, click on “settings” in the upper right.
  • Scroll to “Customize your units,” and click “[add new unit]”
  • Give the new unit a name, I used “relocation mileage,” and a value, which in this case would be $0.24

Moving for work?   Create a new expense report, and log an expense for “relocation mileage” (or whichever name you give to the unit) as the number of miles you’ve traveled for your new work.  It will automatically be converted in to the reimbursable rate for the miles you’ve traveled.  Make sure to import all receipts for gas and tolls, or, if you paid with cash, snap a picture of the receipts with our mobile app and add them to your expense report.  Come end of the year, expense reports like these will help you maximize deductions on your taxes.

Get 2010 started right; start logging expenses early to get the most available deductions at the end of the year.

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