How should I keep records for tax deductions?

How should I keep records for tax deductions?

It's important to keep organized records of all your expenses. You should save receipts, invoices, and bank statements.

What specific documents do I need to keep?

You should keep receipts for any deductible expenses, such as business-related purchases, travel expenses, and home office costs.

How long should I keep these records?

Generally, you should keep tax records for at least three years after filing your tax return, but some documents may need to be kept longer.

Can I use digital records instead of paper?

Yes, digital records are acceptable as long as they are clear and accessible. Just ensure you have backups.