How can i keep my receipts organized

Image and tutorial via Simplify Days. Unfortunately, I know myself too well and know that converting hard copies of receipts and storing them electronically is not something I will stick to for the long haul. I did want to include this option in the round-up though because I know other people are amazing with technology and may love this method of organizing. If you are one of those people, make sure to check out this post because it offers a step-by-step tutorial on how to use an app on your phone to transition all of your hard copy receipts into electronic files.

This tutorial also dives into details on how to keep these electronic files organized, which is a super important step in going digital. If anyone else does this, I would love to hear more about it! With all of the blog expense receipts Casey and I save, having digital copies would be amazing… especially come tax season! Image and tutorial via Organizing Home Life.

And our weekdays are usually pretty crazy with work and late nights blogging. Does anyone have one of these hidden gems? I would love to hear your tips before tackling my own. Image via Ryan Benyi for AllYou.

While Ong was able to produce books and records proving the expenses were incurred, she failed to show receipts, notes and documentation that the expenses were business related. In the words of the court, the only evidence she presented to support the business purposes of her expenses was her "own broad self-serving testimony and uncorroborated notes.

The reality is that you may be entitled to these deductions, but if you don't follow the rules, you could be left out in the cold. Here are some basic tips:. This point cannot be overstated.

I was recently helping a client with an audit in which the IRS agent asked for every receipt to support my client's travel expenses taken during the year. Arguing with the IRS can cost you a lot more time and money than just keeping your receipts. This is an especially great idea for dining and entertainment expenses. It can be easy to remember why you bought a fax machine Do people still buy fax machines?

Yes, the IRS can come knocking for documentation and audit you up to six years back in some cases. However, hoping that the ink on your Home Depot receipt hasn't faded away is a whole other issue.

The IRS allows taxpayers to scan receipts and store them electronically. But keep a back-up, because crying about your hard drive crashing isn't going to help you any more than "My dog ate my receipts. With today's technology, it's easy to say "Forget the receipt, I'll just make a note on the receipt and then take a picture of it". This is a great idea and there are a whole host of apps for the iPhone and Android that can help you better track your expenses.

Following are some basic tips to help the small-business owner ensure he or she has business receipts to support deductions at tax time, or if the IRS comes calling. Keep all receipts. This point cannot be overstated.

Make notes on receipts about their business purpose. This is an especially great idea for dining and entertainment expenses. Scan receipts and keep them at least six years. This is helpful because the ink on a receipt may fade. The IRS allows electronically stored receipts. Take a picture of receipts with your smartphone. This is a great idea and there are a number of apps that can assist you.