I use a monthly calendar to organize my financial life. I don't use a fancy one, just one that I receive as a promotional free item. I staple all check stubs and I write the amount of my receipts on the day that I had the expense. I have a spot each month where I tally the months expenses. It is very easy to forget such as doctor visit from the previous January when trying to do taxes a year later. By marking such as this in a calendar, itemizing taxes are a breeze! After taxes have been prepared, I bundle the calendar and receipts in a compact Manila folder and label with the tax year.
By Maxine
(Archived Feb 04, 2011)Keeping Track of Receipts for Taxes
Request: Keeping Track of Receipts for Taxes
What receipts should I keep to use for taxes? For example: food, gas, clothing, etc.
By Sissy30 from Dustbowl, TX
Feedback:
RE: Keeping Track of Receipts for Taxes
Call somebody that does that kind of work, good luck. (02/04/2010)
By kffrmw88
RE: Keeping Track of Receipts for Taxes
Unless you run your own business, there are no general receipts for tax deductions you need to keep for the IRS unless you make oodles of money over and above a salary for the 'standard deduction' allowed. In that case you would want to talk to an accountant, preferably a CPA.
You do need to keep a copy of your tax returns and attached W2's for seven years though and that's to protect yourself in case of an audit. (02/09/2010)
By Deeli
RE: Keeping Track of Receipts for Taxes
There are some receipts you should keep if you file a 1040 (long form). A % of child care, like after-school cost, is deductible. Also sales taxes are deductible, again if you file the long form. I find that if I keep track of the sales taxes I pay when I make a purchase it comes out to be more than the IRS AGI-based calculator. Just my 2 cents worth. (02/17/2010)
By Annae
(Archived Apr 21, 2008)Keeping Track of Receipts for Taxes
Tip: Keeping Track of Receipts for Taxes
This may be too late for this year but this is how I handle our taxes year round. I have a folder in the area where I pay bills, open mail, etc. Throughout the year I put dividend statements, Goodwill donation receipts, etc. into the folder. I also keep all paycheck stubs in a separate envelope nearby.
As I receive tax documents in the mail in January, I add them to the folder. Then when we are ready to do our taxes, everything we need is in the folder (including a copy of the kids social security cards). Taxes are still not fun to do but I at least skip the step of pulling everything together. I also make a copy of the current year 1040 form and put it in the folder in case I need some info for the next year. Hope this helps!
By Ann4
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