Can I use my reciepts?

Question

Can I use my store reciepts From all of year 2007 to file my income with to get some of those taxes back ? How does that really work? Has anyone done this before?

Answer 1

Hello NOYB,

If you're an employee and not a business owner or self-employed income earner, there are not very many store receipts that you can use to get your taxes back.
If you use public transit you can use that receipt and certainly you can use your medical receipts it your income level qualifies you.

But as a business owner there are many allowable expenses
that will help you reduce your tax liabilities.
Such as:
Supplies for the office, postage, gas etc.

The RRSP is still one of the most efficient tax reduction strategy.

Answer 2

If you itemize, you have a choice on whether to deduct state and local taxes, or sales tax. Usually if you pay a state income tax, you'll do better deducting that rather than sales tax. If you choose to deduct sales tax, then you can add up the sales tax on your receipts or use the amount in a table (by income, by family size, by state) that the IRS provides.

Answer 3

If you are filing the US and you can itemize, you can deduct sales tax paid.

You can use either the actual receipts or a standard amount from a table.

If you do not itemize, you won't get any benefit.