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How long should you keep paid bill receipts such as utilities doctors taxes etc?
Wiki User
∙ 15y ago
My accountant says a minimum of five years but I keep mine for seven, just to be on the safe side. I also scan copies of back taxes to disk so I have them back for many many years. You never know when an audit by the IRS can be yours!
Wiki User
∙ 15y ago
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How long should one keep receipts for tax purposes?
The receipts for tax purposes should be kept according to importance. If the receipts are for important business expenses or tax deductions it is advisable to keep them for at least seven years after the taxes are filed.
Can you use your bank statements in place of receipts?
Bank statements should be okay to use in place of receipts when filing taxes. If you are claiming gas on your taxes, you bank statement will state the name of the gas station, if it is prepaid, and the amount that is purchased. The receipts would be better to have, in case you are audited. So try to keep your receipts next year.
What questions should I have in a land contract?
A land contract should outline when payment is due, what the terms are, and who takes care of maintenance. It should also outline who pays for utilities and taxes.
What are two arguments against public ownership of utilities?
Taxes go up to support the government
Can you deduct the cost of utilities from your taxes?
No. Personal expenses would not be deductible on your income tax return.
Is it worth saving receipts for tax reasons?
Yes, it is worth saving receipts for your taxes, especially if you use deductions. Save things like medical bills,dental bills, your co-pay, business expenses if you work at home, if you remodel your house with energy efficient items, save receipts for that. New energy efficient appliance receipts can also be saved.
What are the monthly expenses for a doctor's office?
A doctor's office, like so many other businesses, have similar expenses.Operating expenses, which include but are not limited to, Utilities, Supplies, Equipment, Wages, Taxes, etc.Monthly expense depend on the doctors office, but many of the common ones will be the same with all businesses.Utilities, Salaries and Wages, Taxes, and even Supplies may be a monthly expense.
Can you claim taxes of grocery receipts?
If you itemize deductions on your federal income tax return, you have the choice of claiming a deduction either for state income taxes or state sales taxes (but not both). Sales taxes would include those for groceries. Note that this is a deduction, not a refund or credit.
How can one claim items they've donated on their taxes?
When you make a monetary donation, usually over $20, you will receive a tax receipt from the company. You can include these receipts and fill out the donation amounts on your annual taxes.
How does paying taxes help the government?
Taxes give the government money it needs to fund schools and libraries, roads and infrastructure, civil services and some utilities, and almost everything that a government does for its citizens.
Why do you have to raise 540 dollars to go to a camp?
Mainly fees. Food, Utilities, taxes, Staff wages, supplies, stuff like that.
What do archaeologists believe was the function of signature seals?
Archaeologists believe that signature seals were used for identification and authentication purposes in ancient societies. These seals were often inscribed with an individual's name, title, or symbol, and were used to mark ownership, secure documents, and authenticate transactions. They were generally made of stone, metal, or clay, and were impressed onto a surface to leave a unique mark.
