| |
Saving your important payment receipts: What to save & what to toss
Most of us fall into one of two receipt saver categories: those who save every payment receipt that passes through their hands and those who save none. Either extreme is costly in the long run. If you save every single one, it becomes impossible to find the ones you need. If you carelessly toss them as soon as you get home, you'll also run into trouble sooner or later. The trick is knowing which payment receipts to save and then filing them in an organized system at least once a week. A small plastic file box and folders will suffice for the average person. Here are some tips that will save you money. If you have a home business, you should carry an old checkbook cover or sturdy envelope in your purse or car. Each time you buy supplies or pay postage or fax fees, file these business related payment recipts in that file. You'll need them at tax time. Record them in your accounting system weekly and file them in your plastic file box folder. You should always save payment receipts on utilities and mortgage or rental expenses for at least a year, especially if you're planning on buying a house. Your lender's job may be made easier if you have these on hand when applying for a loan. Save all payment receipts for maintenance and other work done on your vehicles. When it comes time to sell your car, you'll sell it more quickly and get more money when you can prove to a buyer that your car has been scrupulously maintained. When you buy big ticket items such as appliances, furniture, a vacuum or a lawnmower, staple these payment receipts right to the operating instruction book and file together in a single folder with a label like 'home purchases'. Do the same for purchases such as gift items or clothing you're not sure will fit - anything that might need to be returned, especially around Christmas. When you make credit or debit card purchases, save these payment receipts until you've entered them in your accounting system. Don't take a chance on becoming overdrawn or over your limit. Those bank fees are killers! If you pay sales tax in your state and itemize on your tax return, save these payment receipts. You may need a shoe box or two, but it may save you in an audit. The same goes for grocery, gasoline, medical and pharmacy receipts or any other type of deductible expense. If you paid cash for a used book, an ice cream cone, a hat at the flea market, a goldfish or some pet food, chances are you can righteously toss the payment receipt in the nearest trash can. You'll never need it.
About our Articles
|
ais-market.com publishes the best quality articles only, adding new articles several times daily. These articles are published for information purposes only. We hope you appreciate the high quality of our articles which we source from top quality, paid resources only.
However, we do not accept any article submissions at our site.
Also, you are NOT allowed to reproduce any of our articles without our explicit written approval. Please do not reproduce any part of our content, or frame any portion of our content on your site.
You are however allowed to link from your site to any article page on our site if you think it would be of interest to you, your audience and your website visitors. Only a direct, clickable hyperlink is acceptable to us. For this article, you may use this link:
payment-receipts-33.txt
Site Terms & Conditions
|
|
|
|
|