Question

Explain why you would want to keep some, but not all, receipts as part of your financial records.

Answer 1

The dude above me is right I got it right:)

Answer 2

Answer:

Explanation:

Let's try and figure out the ones you don't keep.

Receipts from the dollar tree. You can't return what you bought and you only paid a dollar. It's not worth it.

Food receipts. You can't return it and unless you want to itemize what you spend / month and on what, they don't serve any purpose.

Now figure out which ones you would want to keep

1. Anything pertaining to medical perscriptions. I don't know how it works in the United States, but in Canada we are allowed to deduct only medications with a DIN number.

2 Anything that you would use for travelling that is not for pleasure (ie it is a business expense). So if you are a salesman and your territory is from A to B you would deduct meals, mileages, motels if you must stay away from home

3 In the states some tax receipts are deductible, so you might want to save those.