21 June 2022 2:58

What types of receipts do I need to keep for itemized tax deductions?

Keep these expense receipts for taxes:

  • Canceled checks.
  • Cash register tapes.
  • Account statements.
  • Credit card receipts and statements.
  • Petty cash slips.
  • Invoices.

What are the 5 most common items that can be deducted for itemized deductions?

Which Deductions Can Be Itemized?

  • Unreimbursed medical and dental expenses.
  • Long-term care premiums.
  • Home mortgage and home-equity loan (or line of credit) interest.
  • Home-equity loan or line of credit interest.
  • Taxes paid.
  • Charitable donations.
  • Casualty and theft losses.

What personal expenses can I write-off?

Here are the top personal deductions for individuals.

  • Mortgage Interest. …
  • State and Local Taxes. …
  • Charitable Donations. …
  • Medical Expenses and Health Savings Accounts (HSA) …
  • 401(k) and IRA Contributions. …
  • Student Loan Interest. …
  • Education Expenses.


What deductions can I claim without receipts 2020?

Here’s what you can still deduct:

  • Gambling losses up to your winnings.
  • Interest on the money you borrow to buy an investment.
  • Casualty and theft losses on income-producing property.
  • Federal estate tax on income from certain inherited items, such as IRAs and retirement benefits.

How do I maximize itemized deductions?

How Do I Maximize My Deductions and Credits for 2020?

  1. Contribute to Your 401(k) and HSA. One of the smartest things you can do for your finances is to save for your retirement. …
  2. Donate to Charities. …
  3. Defer Your Income. …
  4. Charge Business Expenses Early. …
  5. Sell Losing Investments. …
  6. Work with a Professional.


What itemized deductions are allowed in 2021?

Schedule A (Itemized Deductions)

  • Medical and Dental Expenses. …
  • State and Local Taxes. …
  • Home Mortgage Interest. …
  • Charitable Donations. …
  • Casualty and Theft Losses. …
  • Job Expenses and Miscellaneous Deductions subject to 2% floor. …
  • There are no Pease limitations in 2021.


How do I file home receipts?


Quote: So anytime I get receipts from a store I take them out of my bag. Or my wallet or my backpack wherever it is and I put them in this folder.

How can I declutter my home paperwork?

5 Tips on How to Declutter Papers

  1. Sort your paper clutter into three piles: keep, recycle, and shred. …
  2. Use files – physical and digital – to organize your paper clutter. …
  3. Go digital to cut back on paper clutter. …
  4. Designate a space for all incoming mail and paper clutter. …
  5. Declutter regularly.


What are the 5 basic filing systems?

There are 5 methods of filing:

  • Filing by Subject/Category.
  • Filing in Alphabetical order.
  • Filing by Numbers/Numerical order.
  • Filing by Places/Geographical order.
  • Filing by Dates/Chronological order.