It’s November and everyone knows that that means: family, friends, good times…and frantic shopping for the holidays.
You spend November being thankful for what you have – right up until the third Friday of the month, at which point everyone rushes to their local shopping malls to secure the very best deals on everything they’ve wanted for themselves or as gifts for others. In this feeding frenzy for all things tech, toys, and threads, it’s easy to say, “Keep the receipt” and sprint to the next best deal. But this could be a big mistake when it comes to bookkeeping and accounting.
This holiday season, be sure to keep your receipts to make tax season that much easier.
Keep The Receipt: For Taxes & Bookkeeping
It can be easy to get lost in the blur of credit cards and cash, but holding onto receipts helps keep you and your finances in check. It helps track how much of your money is going towards taxes and how much is being spent overall in relation to your paycheck. Receipts are also helpful when it comes to tax deductible purchases, since the IRS will want proof of purchase in order to get those taxes reduced.
Keep The Receipt: For Buyer’s Regret & Returns
Receipts make returns easier because, during that fight or flight shopping day, you may not have tried on those clothes or tested if your new purchase worked properly. To make returns even easier, just snap a picture of your receipts for safekeeping. (Just be sure they’re backed up somewhere other than your phone!)
Earn While You Shop
What’s better than returns? Making money on purchases! With apps like Ibotta and Receipt Hog, you can scan your receipts to see if there are any rewards available for your purchases, making holiday shopping way more rewarding and fun. You can also get rebates on certain purchases with your receipts.
Need A Professional Accountant?
When it comes to holiday shopping, things can get a little crazy. If you’re looking to take control of your finances and make tax season easier, be sure to call Marc Egort, CPA, P.A., at 754-301-2183 for your consultation. We are dedicated to you and your financial success.