Why are tax receipts important?
An example of an AI chatbot conversation about the importance of tax receipts.
Why are tax receipts important?
Tax receipts are crucial for documenting your income and expenses, which helps in filing accurate tax returns.
What happens if I lose my tax receipts?
Losing tax receipts can complicate your tax filing process and may lead to issues with the IRS if you can't substantiate your claims.
How long should I keep my tax receipts?
It's generally recommended to keep tax receipts for at least three years after filing your tax return, or longer if you have specific circumstances.
Can I get digital copies of my tax receipts?
Yes, many businesses offer digital receipts, and you can also scan paper receipts to keep digital copies for your records.
What types of expenses require receipts?
Expenses like business costs, charitable donations, and medical expenses typically require receipts for tax deductions.
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