We've got receipts!

By
Education & Training with KLSM CPA Firm, PLLC

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.

Comments (5)

Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Krystin

Thank you for the useful tips.  I really liked the idea of taking a photo of a receipt.  Have a great weekend.  A

May 08, 2020 10:20 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Krystin - documentation definitely matters.  

May 08, 2020 01:49 PM
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Krystin.

I send all the receipts to my CPA, I also keep them in a file,  Every month she sends me an email telling me what will be deducted from my business account, easy, that's the way I like it

May 09, 2020 01:43 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I keep all of my receipts and so far it has proven worthwhile when I need to return something.  Hopefully, I never have to provide them for an audit, haha.

May 09, 2020 08:03 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Krystin - simple habits have big benefits. It's so easy to snap a picture these days; why not get in the habit? Happy Saturday.

May 09, 2020 11:54 AM