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Financial Planning / Tax Strategies


Subject:  Re: Do you keep every receipt? Date:  8/11/2004  9:07 PM
Author:  Fletch52 Number:  72818 of 127987

It all depends what you are going to claim for taxes. If you are self employed you will need to retain more receipts. Do you claim charitable deducitons on your schedule A. It is the IRS who ultimately wants to see the receipts. You need to verify to the IRS that your expenses are legitimate and accurate.

If your tax returns are clear and straight forward you may not need much. One piece of advice is to never throw away a tax return. Unless you have no more room in your basement I would retain all tax returns even after the audit period has expired. If you are pressed for space how about that old box of fishing magazines that you will never read again.

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