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Old 07-19-2010, 11:28 AM
 
261 posts, read 1,033,862 times
Reputation: 119
Default What is the best way to organize tax receipts??

The IRS will be auditing more people in the coming years with their increase in staff and focus on revenues, and I wanted to see what is the best/most efficient way most business owners save/file their receipts for write-offs?

It becomes somewhat tedious to gather receipts and file it away all the time.

I havent tried scanning receipts, and I wonder if that makes it easier..
Anyone have experience with this?
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Old 07-19-2010, 03:56 PM
 
8,169 posts, read 21,392,136 times
Reputation: 7804
After years of trying to keep everything and keep it organized, I found the best way for my businesses is to keep a file box for each business and place the receipts in it on a daily basis.

The filing is done after each and every biz expense is logged into my QuickBooks program.

For years, I relied entirely upon my Quicken checkbook registers, but that doesn't break down all the CC payments that I use for my business expenses. The QuickBooks does, and once you get started with it, it's simple and easy to use. Best $99 I've spent in a long time to minimize the bookeeping issues for my accountant and the tax people.
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Old 07-19-2010, 04:04 PM
 
Location: The Southern Sac's, NM
1,494 posts, read 1,437,479 times
Reputation: 2047
I file them by month after logging them into my bookkeeping program.

I had trouble with the little curly slips getting lost in my file, so now I staple the cash register receipt on to a blank piece of paper and hand-write the date and the expense type (office supplies, postage purchases, etc). That way, all the sheets are the same size.
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Old 07-24-2010, 01:41 PM
 
21,186 posts, read 16,456,661 times
Reputation: 8464
I only pay one of two ways.

A check. I keep my statements.

Credit card.

Chase is GREAT!!!!

I have a record at the end of the year. I just print it.
Things are in categories.

BTW, I just got about $1700 cash back this year.
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Old 07-25-2010, 09:14 AM
Status: "Happy Chris Day" (set 1 day ago)
 
20,114 posts, read 12,555,534 times
Reputation: 17141
Quickbooks and two Smead standing expand files. One file for everyday of the month and one for every month of the year. You can figure out the rest.
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Old 07-27-2010, 03:49 PM
 
28 posts, read 75,817 times
Reputation: 30
Keep the receipts with the associated invoice or statement, then file by vendor or month depending on how much activity you have.
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Old 08-28-2010, 05:21 PM
 
261 posts, read 1,033,862 times
Reputation: 119
I actually came across a CPA firm that is very accommodating. I pay them a small fee, and they send me an envelope every month where I just stuff my receipts and mail it to them. They organize the receipts, categorize expenses, send me monthly spending charts and patters, recommendations, etc.
PM and i will send u their website,
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