Personal Tax Advisor
Keeping Receipts for Tax Filing
Would you like to make your tax filing process easy? Do you want to get the maximum amount of tax refund by reducing paperwork you don’t need? If you want to receive the maximum amount of tax refund you must make sure that you always keep your receipts, and not rely on a bank account statement. It is important that you keep your receipts for at least 3 years, which is the amount that the IRS will go back for a normal audit. If you underpaid your taxes, they might even go back to 6 years so make sure you don’t throw them away. To avoid saving receipts that are not going to be used for tax filing, you must know that you do not need to keep receipts that are under $75. You must keep a folder to place inside all the important documents and receipts that you will need during a tax filing or when you’re in a meeting with an IRS agent.
Follow These Tips to Make Sure You’re Keeping the Correct Receipts:
Donations Tax Receipts
Mortgage taxes Receipts
College books Receipts
Tuition Receipts
Medical Bills
Business Travel expenses
All these receipts are important to keep if you’re filing for taxes! Make sure you don’t throw away any of them in order to avoid stressful situations of trying to look for it later. Seek a Personal Tax Advisor to assist you and give you tips for staying organized and prepare yourself for a tax filing in the future. To make sure that you get your maximum tax refund you must keep all important documents and receipts which will keep your secure that you’re not missing any information in the tax filing. Keeping receipts might sound like a nuisance but it’d be worse if you go through the situation of having to look for all documents if an IRS agent looks for you because you underpaid taxes.
It is beneficial to contact a Personal Tax Advisor to make sure you’re keeping the correct receipts needed when filing for taxes.
At Kerr Koncepts Inc. we offer a variety of accounting and tax needs while offering our customers a strategic approach to achieving their business objectives. For further information about our services Call today at (305) 387 – 5880 or click here to make an appointment.