Some tax lessons you can only learn through experience.

The problem: experience is an expensive education.

We’re going to save you the expensive education of one particular lesson that relates to your record keeping.

Certain parts of the tax code and case law could give you the impression that you do not need receipts.

Ignore this. While the law may not always require receipts, the law always requires proof. If you do not have receipts, you have to prove your expenses in some other way—which means trying to reconstruct your purchases several years after the fact. That’s a headache!

You will make your life much, much easier if you keep your receipts, ... Log in to view full article.