Receipts

Technically, it does not hurt to save every single receipt and there are tools available to easily convert hard copies to digital. However, that doesn’t mean you need to save receipts for taxes in every instance.

Should I save my receipts?

The answer is yes if you need to justify an expense on your tax return. However, those that file a simple tax return and elect the standard deduction usually do not need to save their receipts for everyday purchases. Typically, you will not need a receipt for groceries as that’s not an item you can itemize on your tax return, unless sales tax is involved. It’s a different story for receipts related to charitable donations and mortgage interest payments as that can generally be claimed on your tax return.

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