Tax Planning for 2016--Receipt Organization?

[Miss A]

So I have been working on keeping better records for my tax preparer for the 2016 tax season, and I am wondering on how everyone does their receipts? The Excel spreadsheet I have been using has spaced for the number of meals served monthly, broken down into breakfast, lunch, and snack. Because I am not on the food program, I can use the standard meal deduction rate, correct? Since all food is shared in my home, and the cost comes from my business checking account, should I be saving my grocery receipts?

The Excel spreadsheet also has places to input shared household and cleaning supply costs. Say I have a receipt from Walmart, where I not only bought household products and cleaning products, but also food, Do I apply the T/S% to this in my Quickbooks? I have read that the T/S% can not be applied to food?

This is why I have a tax preparer, but she is struggling with my taxes this year, so next year I will be using the same tax preparer that my SO uses. Man, taxes are so hard!

[Thriftylady]

You can use the standard deduction regardless of if you are on the food program or not. T/S can't be applied to food, you either do separate receipts and meals or the standard deduction. I do the standard because I do prep and serve food for both. So say I get a big pack of chicken breasts on sale, I grill them up and serve to DC and my family. So I take the standard deduction.

Cleaning supplies and such are the T/S. The other thing I like about the standard deduction, is I don't need to mess with food receipts that way.

[Miss A]

Thank you Thrifty! As I said, my tax lady is struggling this year, even with Tom's book, and I am trying to do everything I can to make it easier next year.

[TomCopeland]

Originally Posted by Thriftylady

You can use the standard deduction regardless of if you are on the food program or not. T/S can't be applied to food, you either do separate receipts and meals or the standard deduction. I do the standard because I do prep and serve food for both. So say I get a big pack of chicken breasts on sale, I grill them up and serve to DC and my family. So I take the standard deduction.

Cleaning supplies and such are the T/S. The other thing I like about the standard deduction, is I don't need to mess with food receipts that way.

Good advice and correct information.