Make copies of every single receipt you think can be counted toward a deduction. If the IRS or state tax authority asks for proof of your deductions, youll need a copy to send their way. Make sure youre keeping track of income. I recommend an income ledger, which is a simple list of anyone who paid you money throughout the year, particularly as an employee or independent contractor. http://laylatuckerfocus.universitypunjabi.org/2017/01/01/ideas-for-consideration-of-core-criteria-of-interview-for-consultantREAD: How To Spend Your Money Wisely as an Actor Keep an eye out for your income documentation like W-2 and 1099 forms in January. Federal law says employers must send W-2s by January 31, so use that income ledger to make sure youve received every one youre supposed to receive. site linkThe same applies to work as an independent contractor, except youll receive a 1099 Misc. One thing to note: Employers are only required to send you these forms if they paid you more than $600 in the calendar year, but you still have to report that income. Something you may not have thought to pay attention to is care mileage. Thats right, there are instances where you can deduct the total miles you drove and the cost of gas. Just make sure you know how many miles you drove in 2016, and the number on your odometer come January 1, 2017.
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