Easily Manage Your Expense Receipt Template for Legal Needs

Expense receipt template for Legal

[Music] hi i'm debbie peverell and you're listening to the weekly tip from painless financial training group today i'm talking about good receipts every year at tax time i talk about getting good receipts the deal is you cannot claim things on your tax return if you do not have a receipt for that things like child care medical expenses charitable donations if you have a business or you're an employee then claiming those expenses means having stuff like your gas receipts you need to have all of these receipts in order to make the claim so what makes it a good receipt well a couple things first of all you have to know who sold you the service so their name has to be on their seat you need a date because of course it has to be in 2020 or it's not this year's deduction you need a list of what it is you purchase so that cra can tell if it actually is a tax deduction and you need some proof that you're the one who spent the money so if your receipt is made out to you and it's from another organization that should prove that you're the one who spent the money so you certainly don't want to have any receipts that are made out to cash unless your name is cash in which case you could probably do that so the things you need to see let's look at the child care example if you're claiming for child care then you need to have your name on it the name of the child care provider in this case you need the child care provider social insurance number and you need the amount that was paid during 2020. if you're claiming for gas for example you need to have the receipt that comes out of the gas pump because that will save a number of leaders that will also show that you use your debit or credit card so that you can prove you're the one who spent the money if you're thinking you're going to take your visa statements and put a highlighter besides petrocan every time you bought gas that's not going to work if you get audited because there's a lot of things you buy petrocan that aren't actually gas so think about the stuff you want to claim on your tax return and for anything that you are claiming on your tax return you need to have a good receipt in order for that to work so you should get a hold of those soon [Music] bye