We are in the midst of tax season and the same problems are coming up. We find that some taxpayers don’t have the information they need to save on income tax.
If you don’t keep the receipts that come out of the gas pump, then you can’t claim any gas that you used when driving your vehicle for business or employment purposes. If you don’t have the receipt for the meals you paid for when you were out of town on business, then you can’t claim them. Mileage logs are documentation that you have driven for business. Without them a vehicle claim may not be made. Individuals also can’t find donation receipts or the receipts for their hearing aids, etc. You get the idea.
Holding onto receipts can save you taxes and it seems like an easy enough thing to do.