Make the most of year-end credit card statement at tax time

Of all the documents you shuffle as you get your tax return ready, keep an eye out for one from your credit card company. Year-end credit card statements from 2015 can cut your tax-time workload and help you ferret out deductible expenses. And if you’re always wondering where the money went, they can help you get a handle on what your spending was really like over the past year.

Here are ways to make the most of these statements.

Find tax-deductible expenses

Even if you hire a professional to do your tax return, there can still be a lot of drudge work on your part. Going through 12 months’ worth of receipts and credit card statements to find out what you spent, and where, can take hours. Year-end statements that categorize your spending are much more efficient. Looking for medical expenses? Moving expenses? Job-hunting expenses? Or just want to jog your memory? Check the relevant sections of your year-end statement.

If you do most of your spending on a single card or a few cards, the statements become that much more valuable. But most people will still have to look in multiple places to find every tax-deductible expense.

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