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Money Management

The Truth About Saving Your Receipts

It's time to go paperless.
VIP Contributor
Author, Attorney and CPA
2 min read
Opinions expressed by Entrepreneur contributors are their own.

In this video, Entrepreneur Network partner Mark J. Kohler answers the question: Do you really need to save all of those paper receipts? 

The answer is yes and no. 

It's important to save your receipts because they serve as audit protection when the IRS comes asking about your business purchases. A credit card or bank statement just won't cut it. The tax agency wants to know exactly what you bought -- not how much you spent.

Rather than hoarding hundreds of little papers in an office drawer for years, you can go paperless by taking pictures or scans of your receipts and saving them on a flash drive or cloud storage service. 

Click play to learn more about what to do with your receipts. 

Watch more informative videos from Mark J. Kohler on his YouTube channel.

Related: How to Write Off Your Clothing and Laundry Expenses

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