Transcript

How to Organize Your Receipts for Tax Time

HOW TO ORGANIZE YOUR RECEIPTS FOR TAX TIME Whether you're a small business owner or an employee itemizing deductions, the end of the year SAVE TIME means organizing your receipts. TAKE ADVANTAGE OF TAX CREDITS It's rarely fast (or fun), but an SLASH YOUR TAX BILL WITHOUT HEADACHES intelligible collection of receipts makes end-of-year planning HERE'S HOW TO MAKE ORDER OUT OF CHAOS AND GET YOUR RECEIPTS READY FOR TAX TIME. infinitely easier. Most of us lack an organized system for keeping our receipts in one place. That means digging them up from wherever they are currently hiding: WHERE ARE YOUR SHOEBOXES DESK DRAWERS WALLET RECEIPTS FOLDERS HIDING? FILING CABINETS EMAIL Focus your search on receipts for the current year, as CAR these are the ones to be included in your tax return or submitted for reimbursement. For those itemizing deductions, this enables Once all your receipts are in front of you, it's time to sort them into groups by you to justify why you Entrepreneurs and the self-employed need claimed certain tax credits (by easily pointing to the receipts in question) If you are ever audited. to fill out IRS form expense type. Schedule C, which divides your deductible expenses into categories such as: GROUP BY EXPENSE ΤΥΡΕ CAR AND TRUCK EXPENSES ADVERTISING INSURANCE Hire me! LEGAL AND PRO. SERVICES REPAIRS A MAINTER AND FFICE EXPENSES PE ENTERTAN , MEALS, UTILITIES Grouping your receipts accordingly will make it easier to fill out Schedule C with accurate, up-to-date information. SPEED UP WI RECEIPT MA Performed manually and all at once, organizing your receipts can easily take days or weeks to complete. It doesn't have to. MENT TECHNOLOGY COMPLETION TIME 2-5 DAYS BY HAND: WITH TECHNOLOGY: |-2 HOURS L Lemon Receipt management tools like Lemon automate the process, allowing you to effortlessly "scan" receipts with your phone or online while software does the sorting. HOURS 24 48 72 96 120 Nobody is thrilled about organizing their receipts, but it's critical for good record keeping and can be made much easier with the right technology! L Lemon SOURCE: SCHEDULE C (FORM 1040) BY IRS

How to Organize Your Receipts for Tax Time

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Whether you’re a small business owner or an employee itemizing deductions, the end of the year means organizing your receipts. It’s rarely fast (or fun), but an intelligible collection of receipts...

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