receipt

  

Definition

Formal, written acknowledgment that something of value has been received.

Featured Tip

Keep Receipts if You Itemize Your Deductions

Keep all of your receipts and keep a good record of all of your expenses as they occur. If you do, you will be less likely to skip or miss out on allowable tax deductions and tax credits and it will make your life easier when you file taxes. Lastly, you will also be better prepared in the unlikely event that you get audited.

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