ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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until I leave the store.
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until I get home.
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until I enter it on my expense log.
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as long as I need proof of purchase.
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Detailed explanation-1: -If you have other documentation that shows records of your financial activity, then keeping receipts isn’t absolutely mandatory, but it’s certainly best practice and could be very helpful should the IRS come knocking. The IRS recommends that you hold onto receipts for at least three years.
Detailed explanation-2: -A receipt or proof of purchase is a document that you provide to your customers as a record of their purchase. Learn about the different types and what to include in a receipt or proof of purchase.
Detailed explanation-3: -Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks. These documents contain the information you need to record in your books. It is important to keep these documents because they support the entries in your books and on your tax return.
Detailed explanation-4: -Keep all receipts. Make notes on receipts about their business purpose. Scan receipts and keep them at least six years. Take a picture of receipts with your smartphone. Have your receipts emailed to you, if offered. More items