What are tax deductions and how do I keep track of receipts?
An example of an AI chatbot conversation about tax deductions and managing receipts.
What are tax deductions and how do I keep track of receipts?
Tax deductions reduce your taxable income, lowering your tax bill. Keeping receipts is crucial for claiming them.
What types of expenses can I deduct?
Common deductions include business expenses, medical costs, and mortgage interest. It varies by tax situation.
How long should I keep my receipts?
It's recommended to keep receipts for at least three years after filing your tax return, in case of audits.
Can I use digital receipts?
Yes, digital receipts are acceptable as long as they are clear and legible. Just ensure you back them up.
What if I lose a receipt?
If you lose a receipt, try to obtain a duplicate from the vendor or use bank statements as proof of purchase.
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