Classifying Receipts for Organization

Views: 12114 | Last Update: 2008-07-10
Learn to organize your receipts in terms of importance to make taxes easier in this free home cleaning video. View Video Transcript

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Katrina Cameron

Video Transcript

So what I’ve done here is I’ve set this hard plastic folder in different categories that I need for my business to write off. These would be things that you’d keep that you’d write off. Otherwise, grocery store receipts that would be something that you would throw away. Going to just get coffee and stuff, that’s something that you would throw away also, so we just keep what we need. I have advertising; these are some examples, automobile. So examples of what would go into auto would be gas receipts, parking meters, long-term trips if you needed to change the oil or things like that and then equipment, if you have any software. Education or certifications, if you’re growing your business and you want to learn more about your chosen field. Furniture, if you have anything for your office, office supplies, tape, paper, photo paper, folders, postage if you’re mailing out things to people on your business, you want to have a postage write off file for receipts. Research, if you’re buying books, CDs on tape, restaurants if you’re having business meetings that would be another good category because those meals can be written off as a tax deduction. Gifts and donations, I just keep those because sometimes I like to take it back to the store. Maybe the person didn’t like the gift and they want to return it, so that’s the one I put at the very back. It’s more personal but I do keep it in my business if I’m buying things for my clients. Secondly, you need another container that is going to be for personal receipts. Let me just open this up here. That’s things that are more personal to your life and you need to keep if you need to take back clothes to exchange them. If you bought really expensive software that you think you might not keep or something that you need to keep for 30 days to test out, you want to keep that on hand so that you can return those items. Also, rebates, that would be another category for rebates to send in and make sure that those are handled properly. So this is a way to keep on top of all of your receipts so it doesn’t become a big headache later when taxes come or when you’re just simply looking for something to return at the store.