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Chapter OR Basics of DOUBLE TAP TO ZOOM WITH PHONE One: The TABLET Record Keeping So what should you do if a seller doesn’t give you a receipt—for example, at a garage sale? The answer is to buy a receipt book and take it with you when you shop. Ask the seller to fill out and sign one of your receipts to record the purchase. If you forget to bring your receipt book, record your purchase in your receipt book as soon as you get home. Write down all the particulars of the purchase, as shown on page 20 for a garage sale item. You can also do this if you lose an original receipt and need to reconstruct it. Record the item, the cost of the item, the date and place of purchase, and how you paid for it. The closer to the time of purchase you fill this out, the better. Don’t wait until December 31 to try to reconstruct 100 receipts. Also, remember that it’s never acceptable to backdate an original receipt; that’s clearly against the law. Mark Your Receipts If it doesn’t indicate what you purchased, or where or when you made the purchase, it isn’t enough to just have a receipt. All of your receipts need to clearly show the following information: • • • • • • the name of the store the date of purchase the amount paid for each item the business portion of each item a description of each item the method of payment (cash or check) If a receipt is missing any of the above information, write it on the receipt as soon as you get home. For example, if a receipt doesn’t identify the items that you purchased, make those notes on the receipt—“plastic bucket,” “mop,” and so forth—next to each price. Here are some examples: OFFICE STORE 1-4-20__ $2.45 $2.45 ST $0.16 TX 1 $0.00 TX 2 $2.61 CA DRUG STORE 1-4-20__ $3.49 $2.12 $5.61 ST $0.34 TX 1 $0.00 TX 2 $5.95 CA If you know that an item on a receipt is strictly for business use, indicate that on the receipt by marking the item “100% B” (or a similar notation). Most deductible items that are COPYRIGHTED MATERIAL 21