How on time are you? Well, there’s one thing that you want to make sure that you’re on time with, and that’s receipts for the IRS. When you’re trying to prove a deduction or a credit to the IRS, you need to have contemporaneous records; you need to have receipts from the day that you made the transaction. No late receipts allowed.
Some of the possibly big deductions that you need to remember to get receipts for are:
- Charitable Deductions, especially more than $250
- Gambling Losses,
- Hobby Losses
- Tip Records
- Business Expenses
You also need receipts if you want to call out someone on social media, but that’s a different kind of receipts, but they still should be contemporaneous.
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