How long should people keep receipts for income tax?

Answer You should keep receipts for income taxes for seven years. The IRS has a three-year window in which it can audit your tax return. This also applies to the filer if he discovered he made a mistake a... Read More »

Top Q&A For: How long should people keep receipts for income...

What type of tax is one that takes a smaller percent age of income from high-income people than from low-income people?

Probably a regressive tax, but also unfair, immoral, and probably Republican written.

Are receipts income in accounting?

Accountants do not consider receipts as income. Receipts are tabulated as an inflow of money to the business, but they're simply an accounts receivable notation because the revenue from goods sold ... Read More »

Do you have to have receipts for filing income tax deductions?

When you claim any deductions on federal or state tax returns, you must have receipts or canceled checks to back up each and every deduction that you take when filing your taxes.References:Turbo Ta... Read More »

How long do people have to pay income taxes?

The official date to file and pay income taxes each year in the United States is April 15. If the deadline is on a Saturday, Sunday, or a holiday, taxes will be due the following business day.Sourc... Read More »