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    Interview With Cleo From H&R Block Tax Services Part 4

    Monty: Right. Again I just want to say that I'm talking with Cleo from H&R Block and she's got a lot of information about taxes and medical expenses, self-employment. One other question that I've got here, and we've talked about medical expenses and self-employed and I can see a myriad of expenses in income coming from all over the place. The question I've got is, how do people track their information and collect it? How do they know what to do with it as far as that goes before they get their taxes done?

    Cleo: It's interesting because it's this time of year where that question is more relevant because you're trying to find all of your things from 2009 to get your 2009 tax return done. I always recommend that at the beginning of the year, literally if it's a box, find a box. If it's not a box, find a large envelope. You should have a central place where you're putting all of your tax information. The challenge is when we're talking about employment, your T4 or investments, your bank account or a mutual fund; some of these slips, they come out in time for taxes. So you know they're going to show up roughly between the end of February and mid-March, let's say. But it's things like donations, medical expenses, if you're self-employed these things are happening daily, weekly, monthly. So you need to have a central place to be putting them in. If you are savvy enough and you have a program, whether it's some kind of accounting software or even just a bookkeeping type of software, obviously that helps for yourself to be able to keep track. But we have seen for instance, if you use your vehicle for your business, people can have a day timer. They've got their calendar and in their calendar, they're writing down exactly where they've gone, how many kilometres they travelled. They actually bring that into us and we will prepare their tax in using that as a method of record. But you should have some kind of a log at least that shows exactly what you're doing on a day to day basis. For those of us that have an employer and we don't get to claim any of those kinds of expenses, it's just a matter of remembering what are the things I can claim throughout the year.


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