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Yes, it is worth saving receipts for your taxes, especially if you use deductions. Save things like medical bills,dental bills, your co-pay, business expenses if you work at home, if you remodel your house with energy efficient items, save receipts for that. New energy efficient appliance receipts can also be saved.

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Q: Is it worth saving receipts for tax reasons?
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Related questions

How do you calculate sales tax using gross sales?

If I understand your question correctly you know what the Gross Receipts are and need to calculate the sales tax that is included. If that is the case this is how to do it. Gross Receipts - Gross Receipts divided by (1+ Tax Rate) if your tax rate is 5% and your gross receipts including tax are $1,050.00, divide $1,050.00 by 1.05. The result is your net receipts without tax. $1000.00 . Then $1050.00 -$1000.00 = $50.00 the sales tax


Where can you get receipts for tax deductions?

in the trash


How long should one keep receipts for tax purposes?

The receipts for tax purposes should be kept according to importance. If the receipts are for important business expenses or tax deductions it is advisable to keep them for at least seven years after the taxes are filed.


Why did people have businesses in their homes?

Their are different reasons of people for doing business at their home. But i think the main reason is saving cost like, land cost, tax saving etc.


What does grt mean?

Gross receipts tax = GRT in USA


What is tax saving?

It means to save tax


What is gross sales tax?

gross sales tax is the tax you pay on total receipts/sales. basically you can't deduct any expenses before you pay the tax.


Will Chapter 7 Bankruptcy discharge New Mexico gross receipts tax?

no


How you claim a certain deity?

submit the receipts with your tax return. otherwise you get audited


What is Radiohead worth?

~500 million, it's hard to say becacuse they are notoriously secretive about their income for tax reasons


How long should you keep credit card receipts?

Credit card receipts should be kept until you receive your statement and can verify the amount on the statement matches the receipt. If you need receipts for tax purposes then you will need to keep those with your tax information. If you make a big purchase on a credit card, like a dryer or washer, you sould keep those receipts until the warrenty period has expired.


Keep Your Receipts?

Financial experts often say that keeping all of your receipts is the key for successfully filing taxes. If you want to claim as many deductions as possible, then be sure to have all of your receipts with you. It is important to have your receipts, because this will help you determine the legitimate deductions from the illegitimate ones. You need to be sure that you are only claiming legitimate deductions in your tax returns. Otherwise, the IRS may be able to see through your tax return and will hold you accountable for a fraudulent tax return. Don't let this happen to you!