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Thread: Recipts etc

  1. #1
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    Default Recipts etc

    I keep track of how much I make, all tip outs and house fees every single time I work.
    Ive been saving all my recipts for things I spefically bought from dancing. All my recipts are pilling up. Theyre everywhere! lol I keep them organized but its getting to be too much.
    Not sure if Ive asked this before either..tried to search for this topic too.

    What are specific recipts of things I need to keep? ...for in case of audits, personal records, and taxes.
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    you can only survive by clinging onto trees
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    God/dess montythegeek's Avatar
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    Default Re: Recipts etc

    You need to keep the ones which you plan to take deductions for. you can always minimize the piles by transcribing the information for each month in a notebook, or on computer (with a backup) and put the originals in an enveope for each month and put it in a filing cabinet. 50 pieces of paper would only be about an fourth of an inch high if it was all in one envelope and flattened. ,25/month*12 months about 3 inches. If you have the contents recorded on the outside of the envelope it saves having to open it again. Use a grid system and indicate purpose and amount. A 3-high plastic cube jobby could hold 20 years easily if organized, and you can put one on top of the other.

    Just have a once-a-month organize period, like when you have your period. (Kill 2 curses for the price of one)

  3. #3
    Senior Member DanMorris95156's Avatar
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    Default Re: Recipts etc

    You can also scan the receipts and save them in electronic fashion.

    The envelope/excel fashion works just fine. So does Quicken. I also like the 12 month expando for each year for receipts.

    You can categorize/summarize by month or by type of expenditure. The choice is yours. The key thing is that the receipts/journal of expenses need to support the validity of the tax deduction.

    Regards,

    Dan Morris
    Daniel D. Morris, CPA
    [email protected]

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