Pad Your Wallet: Receipt Storage Can Help

Most of us have resorted to storing receipts in bulky filing cabinets, envelopes, and folders in futile attempt to stay organized and make filing taxes a little easier. However, updating to a paperless filing method will end up saving you time, money, space, and the environment. Receipt scanners are one of the most practical and economically sound purchases you can make. Whether you’re filing receipts for your personal tax records or for your business, receipt scanners will help you stay organized and efficient.

Scan Receipts to Make Tax Filing Easier

Scanning receipts right away prevents you from spending hours wading through lots of barely-distinguishable papers with ambiguous fine print. Scanning your receipts regularly means you can ditch your filing cabinet and shoe boxes full of paper and take back the functional space in your home or office. Receipt scanners are widely available in office supply stores and there are even several different apps for iPhones and other mobile phones that can read the data from receipts and keep records for you.

The software that comes with your receipt scanner can sort your receipts for you by category or venue. When it comes time to write off donations or groceries, this can save hours of work you would otherwise spend shuffling through piles of receipts.

After scanning your receipts, most receipt scanner software will let you upload the file to any storage unit, including USB drives, cell phones, and other nifty gadgets you can bring with you and access from anywhere. When sending in the receipts, being able to send the file to the IRS is much handier than sending bulky envelopes as proof for tax credit. Regularly scanning receipts means you run less of a risk of losing them between now and when you file for your tax refund – and it optimizes the amount of money you can get back.

With this convenient and efficient scanning system, Turbo Tax and other tax programs can help you qualify for tax credits payment discounts you may not even know you had. Staying organized can make sure your annual expenditures are well-documented and give you back everything they can.

By High Yield Savings Accounts

The founder and editor of with a passion for personal finance and experience in the financial industry.