Tax Savings

Do I Need to Save All My Receipts for Taxes?

If you are like most people then the answer to “Do I need to save all my receipts for taxes?” is a resounding “yes!” If you have even the slightest inclination that you may end up forgetting something or fumbling over some papers you should not delay in getting organized. With tax season fast approaching, there will be more opportunities than ever to lose track of all your receipts and end up owing the IRS a lot of money.

Get the receipts

Once you know what the amount owed is go ahead and cross that amount off the list. If you are at a loss as to what to do with the rest simply throw them away. The chances are very good that most of them will be unreadable anyway.

Organize by type

Put all the receipts in one box or file. If you have more than one type, put them in separate boxes or even better yet in an envelope and tie it with a very strong tape. This will prevent you from forgetting what you have done and getting it undone at the last minute.

Get a notebook

While you are doing this, make sure that you have one that has both paper and pencil inside. That way you can write in each receipt as it comes to hand. It will be a big job saving all the receipts but do it eventually and it will be well worth it.

Be organized

Have a system where each receipt goes into its own separate envelope. That way you don’t have to open them one by one. You can just glance at them briefly before discarding them.

Store the receipts in a safe place

You can use a fireproof box or put them in an envelope with some sticky strips of paper that you can shake on to keep them from being torn. Keep them in a box that is not too prominent so you will not be tempted to look at it. Also it is important to store them in a place where they will not get lost.

Now you know what you need to do to save all my receipts for taxes this year. It’s time to sit back and relax while doing your taxes so that you do not stress out about it. Also remember that there is no such thing as an official holiday that you can use to get a break on your taxes. The only time this applies is when you turn in earlier than the required time. In other words, you need to do your taxes on time no matter what.

During tax season there is no need to overdo it

In other words, don’t go broke saving money because it is not worth it. You want to go into the holiday season with a smile on your face instead of one filled with anxiety and stress. If you need to save some money in order to prepare for tax season then you need to go online and look up discount coupons that you can print off. Just make sure that you take them along to the office where you will be filing your documents so that you do not forget anything important.

Also you need to have your receipts handy before you start filling out any forms. This way you will know exactly where everything goes and you will not miss anything crucial. If you miss a document you need to have the document and you need to be able to fill it out so that you can file it right away. This will prevent any problems later on.

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