Tax Tips: Do I Need Receipts for Everything?

[smilesarepriceless]

For those that do use an accountant for their taxes, must you have a receipt for every single thing you turn into them?

Little things like --I know I bought several PC shirts, but didn't keep the receipts for them, etc...

Just trying to avoid the accountant from laughing at me :>

 

[fruit76loop]

My accountant doesn't see my receipts. I print off my income/expense report from P3 and hand it to her with W2s and that is it!

 

[buzz26]

I keep receipts in an envelope and use PP3 report. She looks at the PP3 report and knows the receipts are there. she also knows some might be missing, but knows I am honest. She doesn't keep all those receipts. If you get audited you'll need them though.

 

[dianevill]

I didn't take my receipts to the accountant either - just my summaries. (I've been using Turbo Tax the past few years - lot cheaper than the accountant for the same results).

I keep my receipts but I've noticed that a lot of my grocery receipts have completely faded. After I realized that was happening I started making copies before filing, but if I get audited from a year or two ago the auditors are going to see a blank receipt with my handwriting only - the show date, name and total $$$. Wonder what they'd do with that?

 

[mpkegley]

I didn't take my receipts to the accountant either - just my summaries. (I've been using Turbo Tax the past few years - lot cheaper than the accountant for the same results).

I keep my receipts but I've noticed that a lot of my grocery receipts have completely faded. After I realized that was happening I started making copies before filing, but if I get audited from a year or two ago the auditors are going to see a blank receipt with my handwriting only - the show date, name and total $$$. Wonder what they'd do with that?

I wondered the same thing about faded receipts. I think it is the paper that they print them on that makes them do that and surely IRS would understand, but then again, it is the IRS!

 

[trps]

My family are accounts not me. They will take your receipts and figure it out for you but they will also charge you for their time. Much cheaper if you just take the information after you have it itemized into categories.

About the faded receipts. We had warranties that the stores have tried to get out because of that but I also have my cc statements and pay for everything on it. (pay off end of month) so I have proof. I think they do it on purpose just my thought