How does keeping receipts help when filling taxes?

I am makeup artist, esthetician and substitute teacher. i keep receipts from when i purchase makeup, printer ink, paper, my digital camera, batteries, etc.

i am asking b/c when i filed my taxes last year the person who did them said i didn't need those receipts. i am gonna use someone else b/c all of this stuff is tax deductible.

If you are self-employed, you can deduct expenses relating to your self-employment income on Schedule C.

If you are a teacher, and if they continue the deduction for 2006, you would be able to deduct expenses for supplies on the front of your 1040, up to a certain limit.

If the expenses are incurred while you are an employee and you itemize deductions, you would be able to deduct expenses that exceeded 2% of your Adjusted Gross Income (AGI).

You can deduct what you spend on your suplies off your income. You also need to show your receipts if you get audited.

When you file taxes (as a business owner) there are certain items that are tax deductible, you'll have to check the IRS forms or talk to an accountant to know which things. However, if you are ever audited by the IRS, then they will want to see proof that you actually purchased those tax deductible items. Things like printer ink will have been used up and won't be in inventory, so your only proof is the receipt.

how about a few gas receipts for ur teaching too? The reason is to help u keep accurate record and the IRS can come back on you for 7 yrs. audit.

I would say that you own your own business and keeping the receipts help you in your deduction of taxes that you paid into the business. If you go to a tax preparer and present your receipts they will do their best to use those receipts in your best interest.

1.) It helps your tax preparer to prepare your return, getting the most deductions possible.
2.) Proof of deductions in cause of IRS audit.

If you are paid as an employee for all your jobs, whether you can deduct your purchases or not remains to be seen.

If you are self employed makeup artist and receive fees directly from your customers, then you would deduct the supplies from that income.

They only help if you itemize your deductions. Any time you pay for something for your business, this is deductible on your taxes. Simple breakdown: if you make $10,000 this year and you have spent $4,000 on that business, then you only have to pay taxes on $6,000. Mind you that is a very elementary breakdown of why you need to keep your receipts, but it is easy to understand.