Start the year off right by learning which items you’re required to substantiate with receipts or other records. Then get organized to track these items throughout they year. Suggestions:
- Use a 3- ring binder to file the receipts and acknowledgments for charitable contributions, estimated tax payments, information returns, and other tax-related information you’ll need at tax time.
- Use an expandable file to keep receipts for medical and other deductible costs. Alternatively, scan receipts into your computer (or use an app to scan) to create a permanent record.
- Use apps to track your driving that may be deductible (e.g., for business, medical, moving, or charitable purposes)
