Not all receipts are tax-deductible, and if you avoid the work of separating the deductible receipts up front, you’re only creating clutter that makes it harder to work with your receipts come tax time. Start by knowing which receipts are worth saving How to Organize Receipts Tip 1: Don’t File Your Recycling But every penny your deductible expenses climb above those marks is money you’re walking away from. If your deductible expenses for the year fall below those sums, don’t bother with receipts. The majority of households – 68.5% of returns in 2013 – opt for the standard deductions of $6,300 for individuals and $12,600 for married couples filing jointly. Receipts are always troublesome to manage (taxing, if you will), so here’s a quick review of the basics, and some low- and high-tech recommendations, to help you organize receipts like a pro.īefore we get started, keep in mind that you only need to keep receipts if you’re going to itemize deductions. Whenever the new year comes around, a little alarm bell goes off in the back of our heads: taxes are coming! The best part of taxes is making deductions, so it’s time to break out those receipts.
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