Whether you have a business or not, keeping receipts can help ensure you claim all your possible deductions. Here are a few standard tips on keeping up with receipts.
- Take a photo/ make a copy - Many receipts fade over time, making it challenging to read dates and amounts. Capturing a picture or making a copy beforehand helps prevent ineligible receipts.
- Spreadsheets – Documenting amounts, dates, and restaurant names on receipts regularly will help ensure you capture everything and make it easier for your tax preparer.
- Separate entertainment and food - Meals provided during an entertainment activity must be billed separately to be deductible.