The Phaserl


Top Ten Tax Mistakes to Avoid, Part 2

from Daily

Mistake #5: Losing Receipts

The IRS will not accept credit card statements in lieu of an original receipt. Keep your receipts somewhere safe, or scan them into your computer for safekeeping.

Tip: Hang onto receipts for at least 7 years. The IRS can audit a return for up to three years from the filing date.

Math mistakes could reduce your tax refund or cause you to pay more than you need to. Avoid getting an immediate correction notice, check and double check your math.

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