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If I have electronic statements or records, do I have to physically organize my personal tax receipts?

No, just put them in a single box or folder
25%
Yes, it is better to organize physical tax receipts
73%
Not sure
1%
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Question: If I have electronic statements or records, do I have to physically organize my personal tax receipts?
Top Answer (73% of 78 votes): Yes, it is better to organize physical tax receipts.

Answer: Yes, it is better to organize physical tax receipts
Explanation: It is always better to have an organized paper file with your receipts. If technology goes down there is always the paper backup.
Phoenix Rising Financial Services
Answer: Not sure
Explanation: The more preparation you do, the less we have to do, and the more money you can save.
Blue Bell Wealth Advisors
Answer: Yes, it is better to organize physical tax receipts
Explanation: Generally, we encourage current and potential clients to organize their information in the best manner possible. This is recommended for a few different reasons. First, this allows us to better understand your business and personal story better in helping to advise you. Second, we want to be more than a compliance oriented CPA firm, by communicating with clients on a regular basis. Additionally we strive to increase our clients' value through efficient and effective work.
OnTarget CPA
ProMatcher
Answer: Yes, it is better to organize physical tax receipts
Explanation: If audited, the IRS requires 2 things, one proof of payment like canceled check, CC charge etc., and a copy of the invoice or receipt. Learn more at myirstaxrelief.com
Mike Habib, EA
Answer: No, just put them in a single box or folder
Explanation: Receiving information electronically is actually more helpful.
CPA Tax Advisors, Inc
Answer: Yes, it is better to organize physical tax receipts
Explanation: It is much safer to keep the paper receipts in an organized fashion. Often we need backup and it is a real pain to try and put it together later in a crisis. They can then be put away in a box witht the rest of the tax year documents.
THE ORGANIZER
ProMatcher
Answer: Yes, it is better to organize physical tax receipts
Explanation: The better organized the tax records the less time the accountant have to spend organizing them which relates in saving for the client
KSM
Answer: Yes, it is better to organize physical tax receipts
Explanation: Please organize your physical reciepts by category. It will help prepare you for tax season.
Ltx Tax & Business Service-Credit Repair
Answer: Yes, it is better to organize physical tax receipts
Explanation: I recommend organizing your physical receipts by month or attach to the statements that they correlate to. In the event there is an audit it makes the process less stressful to have well organized receipts. If you scan your receipts electronically then I recommend organizing folders by month and as long as you keep regular backups or scan to a cloud based service you may decide not to keep receipts where the ink fades eventually. I highly recommend scanning receipts for this reason.
Blue Ridge Business Services
ProMatcher
Answer: Yes, it is better to organize physical tax receipts
Explanation: As long as you can have access to those E files and also you keep a back-up copy in a safe and secure place, you are in compliance.
Capstone Financial & Tax Service
Answer: Yes, it is better to organize physical tax receipts
Explanation: Organize by type of expense or income for better record keeping.
Tucker & Associates Small Business Accounting LLC
Answer: Yes, it is better to organize physical tax receipts
Explanation: Even if you scan everything some type of precise record keeping system to record expenses such as Quicken or other program is essential to assure you receive credit for all deductions you are entitled to receive.
Amy Rose Herrick, ChFC
ProMatcher
Answer: Yes, it is better to organize physical tax receipts
Explanation: By reviewing your receipts, you are able to sort them and better organize yourself. But you can send your receipts if you wish to.
Virtual Ventures LLC
Answer: No, just put them in a single box or folder
Explanation: We recommend you keep all receipts. If you do not have a formal filing system for receipts we suggest using large ziplock bags as it will assist in keeping the receipts from fading and keeps everything in one place.
Vanetta Stringfield Keyes, CPA, PC
Answer: Yes, it is better to organize physical tax receipts
Explanation: The best way to manage your receipts is to store them electronically. Although you may have electronic bank or credit card statements, they are not considered proper support. I would suggest using an application or bookkeeping software that allows you to take pictures of the receipts to store online.
Stephanie Cuningkin CPA PLLC
ProMatcher
Answer: Yes, it is better to organize physical tax receipts
Explanation: I recommend that you organize the receipts. Because receipts will fade. So if you could scan them onto a computer or database. It will prevent them from damaging.
Suncrest Financial Services
Answer: No, just put them in a single box or folder
Explanation: It is always a good idea to be organized with everything you do regarding personal tax receipts. As technology continues to grow, physical receipts will be a thing of the past. I always advise my clients to treat their electronic copies the same as they would a physical copy.
Gross Mendelson CPAs and Advisors
Answer: Yes, it is better to organize physical tax receipts
Explanation: It is important to physically organize personal tax receipts along with maintaining and electronic copy for a minimum of three years and often six years if any audit or inquiry has been made by a government authority.
Smart Tax Professional Services - CPA Firm
ProMatcher
Answer: Yes, it is better to organize physical tax receipts
Explanation: It is great to have the records in statement but the IRS wants to see the receipts. You can also scan those in as well but never figure that anything is better proof to the IRS then the original receipt.
Your ATP
Answer: Yes, it is better to organize physical tax receipts
Explanation: IT IS BETTER TO KEEP YOUR RECEIPTS ORGANIZED AS A BACK UP IN CASE ANYTHING HAPPENS TO YOUR ELECTRONIC DEVICE
AMERICAN TAX AND BUSINESS SERVICES
Answer: Yes, it is better to organize physical tax receipts
Explanation: The true answer is NO but it is better if you organize all documentation so you are aware of the information given to the accountant.
Richardson & Associates, P.C.
ProMatcher
Answer: No, just put them in a single box or folder
Explanation: The IRS is not specific about how you maintain your records and receipts as long as they can be accurately produced when needed. In my office we can all tax records we receive from our clients and return them back for their records. Many professionals are doing that now.
Capstone Financial & Tax Service
Answer: No, just put them in a single box or folder
Explanation: I will be glad to organize in any order specified.
BYG Bookkeeping Services
Answer: Yes, it is better to organize physical tax receipts
Explanation: I organize mine by month.
Business Made Simple
ProMatcher
Answer: Yes, it is better to organize physical tax receipts
Explanation: You should organize your personal receipts as proof for future tax filings.
Robert J. Valas CPA, MBA, CFE
Answer: Yes, it is better to organize physical tax receipts
Explanation: I use a filing cabinet along with file folders to keep track of documents that are needed for year end tax preparation
Dudgeon's Bookkeeping
Answer: No, just put them in a single box or folder
Explanation: Electronic statements are fine just make sure you place them in a folder and back the information up digitally in case you ever need to find it down the line. As far as any physical receipts go do save these too. Whether you want to do more than put them all in the same place so you can find them down the line if you need them, is up to you.
Zest Business Consulting
ProMatcher
Answer: No, just put them in a single box or folder
Explanation: Physical receipts are for your own use and should be presented if needed upon the unlikely event of an audit. The client will sign a verification stating possession of physical receipts.
Abacus Accounting Solutions
Answer: Yes, it is better to organize physical tax receipts
Explanation: IRS auditors look at such organization as clues to whether you filled out the information correctly. A more organized organization is less likely to bring up red flags than a disorganized one.
Veritas Business Advisors
Answer: Yes, it is better to organize physical tax receipts
Explanation: Yes, you attach the physical statement to the electronic statements after printing them out so that you have a thorough paper trail should you ever get audited.
Digital Excellence, LLC, Admin +, LLC, Jenny's Basketique, LLC
ProMatcher
Answer: Yes, it is better to organize physical tax receipts
Explanation: Sometimes questions may arise on electronic statements. If you have the physical receipt with detailed information such as the names and company of the clients, and it is organized and easy to access, any questions will be much easier to answer.
HERO Employer Services
Answer: Yes, it is better to organize physical tax receipts
Explanation: it is easier to give an accountant papers to look at verses having to open the email to verify
Divorce Planner
Answer: No, just put them in a single box or folder
Explanation: Physical receipts on thermal paper fade or turn black in heat.
Startup Hive
ProMatcher
Answer: No, just put them in a single box or folder
Explanation: You do not need original receipts. I advise scanning them and keeping them on your computer and on a backup hard drive.
Goldburd McCone LLP
Answer: Yes, it is better to organize physical tax receipts
Explanation: To organize your receipts, put them in by month or at least within a category that fit within what you are going to use when you complete your income taxes.
Burgis Successful Solutions
Answer: Yes, it is better to organize physical tax receipts
Explanation: The more organized you are, the more you understand what goes in to your tax calculation. Plus, the less time we have to spend organizing for a client, the less we need to charge them.
Bottom-Line Bookkeeping & Accounting
ProMatcher
Answer: Yes, it is better to organize physical tax receipts
Explanation: The IRS will provide you with a document that outlines what receipts and under what category (Meals, Flights, Auto, Home Repair, etc...) that business receipts will fall under. I advise to match your electronic records with the physical receipts. So while you have electronic receipts and these are accepted by the IRS if audited, I recommend also having either a backup or paper copy. Lastly, I recommend not only organizing by Category, but also by the month, this allows you to reconcile each month and ensure your tax estimates are correct when paying your quarterly estimates. Hope that helps
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