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Where do I file a receipt for an item with a warranty such as a copier that is also tax deductible for my home business? Should I file it into the Permanent or Tax section?

  1. If you rely on the papers in your Tax folders for computing your tax deductions, it is best to put the receipt into a Tax folder so you will remember to deduct the purchase. After calculating taxes, you may re-file the receipt into a Permanent folder for re-sale or warranty purposes. Alternatively, at the time of purchase, you may file the receipt directly into a Permanent folder while placing a duplicate of the receipt into a Tax folder - even just jotting a note with the item name and sale price will be enough for computing your taxes later on.
  2. If you rely on computer software or an expense book for calculating your tax deductions, file the receipt with the warranty into a Permanent folder under Warranties (after entering the transaction into your software program or expense book log).

 
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