Anyone Keep Their Receipts for "Semi-Important" Stuff?

  • Thread starter kyphysics
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In summary, the conversation discusses the levels of importance for keeping receipts. The first category, which includes fast food and small purchases, is not important to keep receipts for. The semi-important category, which includes medical expenses and large purchases, may require keeping receipts for record-keeping or returns. The important category, such as taxes and insurance payments, should be kept for record-keeping purposes. Medical expenses can be disregarded as the doctor's offices keep detailed records and some medical groups have online records. The conversation also mentions the importance of keeping receipts for tax purposes and for potential returns on items like TVs and computers.
  • #1
kyphysics
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I roughly define the levels of importance as follows:

Unimportant: fast food, gas, hair cuts, small discretionary purchases (like candy, magazine/book, sun screen lotion, etc. at Target/Walmart)
Semi-Important: medical (doctor's visit, lab, imaging, etc.), large/expensive purchase item (computer, flat screen TV, furniture, etc.),
Important: IRS/taxes, court/legal fees, insurance premium payments

The first category, I throw receipts away all the time for. But, what should we do with the "semi-important" category?

Anyone keep receipts for stuff like this and, if so, for how long? For example, if I got an MRI, should I expect the MRI place to keep records for me and to not to have to keep a receipt copy (or even MRI report copy)?
 
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  • #2
I keep receipts for anything that is tax deductible plus those for things like appliance repair, major car work, etc. I'm really good about the tax deductible stuff but not so organized for the rest and sometimes forget to save them.

Medical stuff I don't worry about at all because the docs' offices all keep detailed records and the medical group I go to puts everything online.
 
  • #3
Just did my taxes, major medical expenses in 2021, never got to the "minimum" necessary to itemize deductions.
 
  • #4
I would most definitely keep receipts for TVs, computers etc. What happens if you need to return the item due to being faulty? You'd need the receipt.
 

1. Why is it important to keep receipts for "semi-important" items?

Keeping receipts for "semi-important" items can help with budgeting and tracking expenses. It also serves as proof of purchase in case of returns or exchanges.

2. How long should I keep my receipts for "semi-important" items?

It is recommended to keep receipts for "semi-important" items for at least 3-6 months. However, if the item has a warranty, it is best to keep the receipt until the warranty expires.

3. Can I claim a tax deduction for "semi-important" items with my receipts?

It depends on the type of "semi-important" item and your individual tax situation. It is always best to consult with a tax professional for specific deductions.

4. What is the best way to organize and store my receipts for "semi-important" items?

There are various methods for organizing and storing receipts, such as using a physical folder or binder, or utilizing a digital app or software. Choose a method that works best for you and make sure to keep them in a safe and easily accessible place.

5. Do I need to keep physical copies of my receipts for "semi-important" items?

In most cases, keeping a digital copy of your receipts is sufficient. However, if you are claiming a tax deduction, it is recommended to keep physical copies as well as a backup.

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