How can I keep records for tax deductions?
Keeping records for tax deductions involves organizing receipts, invoices, and financial statements. You should categorize them by expense type and keep them for at least three years.
What types of expenses can I deduct?
You can deduct various expenses such as business supplies, travel costs, home office expenses, and certain educational expenses.
Is there a specific format I should use for my records?
While there's no strict format, it's best to keep digital copies of receipts and organize them in folders by category. You can also use accounting software for better management.
How long should I keep these records?
Generally, you should keep tax records for at least three years after filing your return, but some documents may need to be kept longer.
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