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unwonted
I have some medical bills that I would like to claim on my taxes but I was told that if I itemize my taxes then I have to keep my recepits for everything. Even if I buy something at the dollar store, to eating out, etc? Or do I just have to keep the receipts for the things that I am claiming?
Answer
When you itemize your deductions on your tax return, you only need to keep receipts that prove that item is an authentic deduction.
If you claim medical expenses, then save all receipts from prescriptions and medical bills you've paid. When I pay a bill, I mark on my receipt...Paid 1/25/08 Check #754 and stick the receipt into a file folder. I also have my cancelled checks returned to me each month. If you're ever audited, you flip through your medical bills, attach the check to each...proof what you have paid.
If you're in sales...and will claim vehicle expenses and depreciation, client lunches, etc...then keep a notebook in your car, make note of your milage, gas, oil changes, repairs, etc...along with every receipt.
If you have a home office and plan to deduct part of your household expenses...then you'll need to save receipts from mortgage, electric, gas, water, taxes, insurance, repairs, etc...to prove the percentage of your home that is used for business...that you're claiming.
The IRS is only interested in seeing receipts for the exact item you're deducting on your tax return...so don't worry about keeping any receipts for personal, general purchases like lunch with the kids at Micky D's or cat food and munchies at Dollar General.
BUT...don't be disapppointed if you try to claim your medical expenses...and don't meet the allowed % of expenses vs. income. We've had some nasty medical expenses and never could meet their limit.
Hope that helps a little <:O)
When you itemize your deductions on your tax return, you only need to keep receipts that prove that item is an authentic deduction.
If you claim medical expenses, then save all receipts from prescriptions and medical bills you've paid. When I pay a bill, I mark on my receipt...Paid 1/25/08 Check #754 and stick the receipt into a file folder. I also have my cancelled checks returned to me each month. If you're ever audited, you flip through your medical bills, attach the check to each...proof what you have paid.
If you're in sales...and will claim vehicle expenses and depreciation, client lunches, etc...then keep a notebook in your car, make note of your milage, gas, oil changes, repairs, etc...along with every receipt.
If you have a home office and plan to deduct part of your household expenses...then you'll need to save receipts from mortgage, electric, gas, water, taxes, insurance, repairs, etc...to prove the percentage of your home that is used for business...that you're claiming.
The IRS is only interested in seeing receipts for the exact item you're deducting on your tax return...so don't worry about keeping any receipts for personal, general purchases like lunch with the kids at Micky D's or cat food and munchies at Dollar General.
BUT...don't be disapppointed if you try to claim your medical expenses...and don't meet the allowed % of expenses vs. income. We've had some nasty medical expenses and never could meet their limit.
Hope that helps a little <:O)
Which of these two traxxas car types should I get?
John
I'm getting an XL-5 and a VXL. I am great at driving short course trucks, and I'm sorta good with buggies. What XL-5 should I get? What VXL should I get?
Answer
XL-5 is an ESC, and VXL is their line of electric vehicles.
Based on the repair parts I used to sell when I worked behind the counter, I'd recommend the Stampede.
But who are you trying to kid? Nobody owns just one of these things.
XL-5 is an ESC, and VXL is their line of electric vehicles.
Based on the repair parts I used to sell when I worked behind the counter, I'd recommend the Stampede.
But who are you trying to kid? Nobody owns just one of these things.
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Title Post: If I itemize my taxes do I have to keep my reciepts for everything?
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Rating: 92% based on 925 ratings. 4 user reviews.
Author: Unknown
Thanks For Coming To My Blog
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