What should I know about tax receipts during an audit?
During an audit, it's crucial to have all your tax receipts organized. They serve as proof of your expenses.
How long should I keep my tax receipts?
Generally, you should keep your tax receipts for at least three years after filing your tax return.
What types of receipts are most important?
Important receipts include those for business expenses, charitable donations, and any large purchases that may affect your taxes.
Can I use digital copies of receipts?
Yes, digital copies are acceptable as long as they are clear and legible. Just ensure they are backed up.
What if I can't find a receipt?
If you can't find a receipt, try to obtain a duplicate from the vendor or use bank statements as supporting documentation.
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