Why are tax deduction receipts important?
An example of an AI chatbot conversation about the importance of tax deduction receipts.
Why are tax deduction receipts important?
Tax deduction receipts are crucial because they provide proof of expenses that can reduce your taxable income.
What types of receipts should I keep for tax deductions?
You should keep receipts for business expenses, charitable donations, medical expenses, and any other deductible costs.
How long should I keep these receipts?
It's recommended to keep tax receipts for at least three years after filing your tax return, or longer if you have specific circumstances.
What happens if I lose my receipts?
If you lose your receipts, you may not be able to claim those deductions. It's best to keep digital copies as backups.
Can I use bank statements instead of receipts?
Bank statements can support your claims, but they are not a substitute for receipts. Receipts provide detailed proof of the expense.
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