Make Sure to Save Receipts for Tax Preparation in Des Moines, IA

It’s finally here: the season of tax preparation in Des Moines, IA and throughout the U.S.! We all want to get money back on our taxes, and one key way of making sure you have the best chance of that happening is by keeping your receipts. For some people, this is an easy task, as they love to organize and maintain a paper system. But for other people, it can be a complete drag. Whichever camp you fall into, keep in mind that whatever method you can employ to preserve a paper trail is certainly going to be worth the effort.

Below are a few categories that are very likely to help you get monetary benefits in return for your cataloging endeavors. For more assistance with your taxes, contact the experts at Accounting & Tax Professionals, PLC. We’ll help you save on your return and get even better organized in time for next tax season!

  • Big purchases: A variety of large purchases can qualify for a sales tax deduction. A few options include aircraft, boats, cars, RVs, trucks and homes, and even some major home renovation projects, like large additions. Plus, a lot of large purchases come with a warranty, and if you need repairs down the road, you’ve got to have a copy of your original receipt. So in this case, it’s definitely worth your while to keep that receipt, for more reasons than one!
  • Business expenses: Business expenses can add up fast, and the last thing you want is to pay full price come tax season instead of being able to take advantage of important deduction opportunities. Things like printers, Internet service, office space rental and even driving miles can all possibly be deductible, but you need to have solid proof of your expenditures—and that’s where your receipts become very useful.
  • Medical bills: Medical expenses are a crucial item to consider during tax preparation in Des Moines, IA. If you are 65 or older and your medical expenses add up to more than 10 percent of your adjusted gross income, the IRS will grant you a deduction. Also, make sure to keep receipts accrued from activity in your health savings account or flexible spending account.
  • Charitable donations: Giving to charity is an admirable choice, and as crazy as it sounds, the IRS will frequently reward you for your generosity. Just make sure that the place you give to is a qualified organization. They will be able to provide you with an official receipt, which you will need in order to claim a tax deduction.

At Accounting & Tax Professionals, PLC, we are experts at tax preparation in Des Moines, IA. Give us a call today to find out more about what receipts you need to save for tax season. Plus, learn how you can save money on your return and throughout the year, as well as stay organized for an easy tax filing every spring. We look forward to hearing from you soon!

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