Itemized deduction materials
February 25, 2015 9:30 AM Subscribe
I’m getting tax assistance for the first time and I’m not sure what I’ll need to bring to my appointment to get the job search deduction, as this will be my first time using itemized deductions.
This year, I spent about 1/5 of my already paltry income (ugh) on job search costs and took detailed notes on all of my expenses. I have electronic receipts for most of the big-ticket items (e.g., hotels, airfare, car rentals) and everything’s obviously listed in my bank statements, but I didn’t consistently ask for/keep paper receipts. Can I just bring my notes? Should I print out electronic receipts or copies of my bank statements? Will I still be able to deduct things that are only listed in my bank statements? I would call the tax assistance place to ask, but it's just volunteers coming to the local senior center, so the people staffing the phones would have no idea.
This year, I spent about 1/5 of my already paltry income (ugh) on job search costs and took detailed notes on all of my expenses. I have electronic receipts for most of the big-ticket items (e.g., hotels, airfare, car rentals) and everything’s obviously listed in my bank statements, but I didn’t consistently ask for/keep paper receipts. Can I just bring my notes? Should I print out electronic receipts or copies of my bank statements? Will I still be able to deduct things that are only listed in my bank statements? I would call the tax assistance place to ask, but it's just volunteers coming to the local senior center, so the people staffing the phones would have no idea.
Best answer: You only need the documentation if you get audited, so save it.
If you organize your expenses by date, that will facilitate filling out the form. I'd do it in Excel.
posted by Ruthless Bunny at 9:36 AM on February 25, 2015
If you organize your expenses by date, that will facilitate filling out the form. I'd do it in Excel.
posted by Ruthless Bunny at 9:36 AM on February 25, 2015
Best answer: Yeah, you don't need to show proof to your accountant. Just bring your totals per category and tell them you've got the receipts at home.
posted by Trifling at 9:52 AM on February 25, 2015
posted by Trifling at 9:52 AM on February 25, 2015
Best answer: Notes and statements will be fine to prepare your returns; I would definitely save the documentation in case of audit.
posted by loolie at 12:05 PM on February 25, 2015
posted by loolie at 12:05 PM on February 25, 2015
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posted by michaelh at 9:32 AM on February 25, 2015