Tarlton,
My wife was the financial officer for our company, so she knows a few things about tracking expenses.
She is both good at that sort of thing and I think she actually enjoys it as a hobby.
She extracts every single printed receipt and credit card charge, no matter how small, and enters them into her tracking system. If I make such small individual purchases as a roll of duct tape or a bottle of baby powder for the diapers, or sea salt or Castile soap for my enemas, it all gets tracked - and adds up!
It is easy for us to remember to keep track of major expenses like cases of disposable diapers, a new batch of cloth diapers, or catheters; it is the small things we either forget or fail to keep a record of for the IRS if audited.
That is the catch - if audited I have the receipts to prove the expenses. Admittedly, if left to my own resources I would not have been so thorough.
--John
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$7,000 not even counting doctor visits, John?! I can see why you would qualify for claiming federally. I vary between $2,000- $2,500. Two years ago with other medical bills I was able to claim this expense, but this year I wasn't as it did not come close to the 10% of gross income. Granted, I had not been counting powder, wipes, and rash creams. If you don't mind me asking, how do you and your wife tally that expense? Maybe all of us can learn to keep track better to file our taxes more efficiently.
