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Flight Attendant Record Keeping

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The old concept of keeping all receipts and pitching them into an old shoe box is not a bad idea! This means you only have to deal with this box once... Tax Time! The IRS has different requirements concerning receipts based on the type of deduction.

Charitable deductions have differing requirements depending on if it is a cash donation or a tangible donation. Cash donations less than $250 do not require a receipt. But make sure you write each donation down so you can remember to total the amount come tax time.

If the donation is over $250, it does require a receipt from the qualified charity. This rule is per donation. For example, if you make a onetime gift of $500, you are required to have a receipt. If you make five gifts of $100 each, you are NOT required to have a receipt. However, it is always good to have a receipt or canceled check for any donation.

If you make a donation of tangible goods you must have a receipt. The receipt should have the name of the charity, list of items donated, date, and estimated value. Estimated value would be calculated by the actual price you would receive if you were to sell the items yourself. The IRS requires an additional form to be completed if the donation is valued at more than $500. If this is the case, you need to fill in all of the appropriate information on our Client Organizer.

Receipts for travel related items are not required unless the item costs more than $75. If the item is under $75 all you need is a written record of this purchase. An entry in your logbook or on your calendar would be acceptable by the IRS. If the item you purchase is more than $75, then you need to have or have access to the actual receipt. It is always a good idea to purchase these items on your credit cards so if you lose the receipt, you can get a copy of the transaction from the credit card company.

Expenses for a small business or rental property require receipts. The $75 rule does not apply. Make sure that you keep your tax returns for at least three years from April 15, of the year they are due (basically, four years).