It's an all-too-familiar experience: With the deadline to file taxes slowly approaching, you start ransacking your home on a mad hunt to cull all those receipts from business trips, work lunches and any other necessary expenditure that might help you improve your chances of getting a refund from the IRS. Many find that itemizing every penny spent throughout the year is nearly impossible. Dedication to the plan to retain every receipt has waned — much like that New Year's resolution to work out three days a week.
Experts say keeping receipts is still the best way to assess your annual spending accurately. The key to success lies in commitment to a system that makes it more like a daily habit than a chore.
“Consider collecting all the relevant data and creating a report of your activity once a month — perhaps when you sit down to pay the month’s bills.”
- Eric Chen, associate professor of business administration, Saint Joseph College