So this will likely be the first year where itemizing will benefit me. Most of my deductions are over a few hundred dollars, and I'm holding onto those receipts. However, there are a decent amount that will be 20-50 dollar receipts. Are those worth holding onto? Or do you just take a picture of them and file them all into a digital folder for a couple years?

I doubt the IRS comes after me, but I have heard they're trying to do more audits.

Id err on YNt side of caution.
If you're expecting benefit to itemize putt them in a spreadsheet and scan or photograph.

Then at tax time it's a single entry into the deduction column. If the IRS does come calling you have everything ready to go.

The Colorado Department of Revenue (state income tax) came after my receipts just last month for my 2022 return!

I had them ready to go and sent them right away. Still wait on confirmation that they are good, though.

Owen Kellogg said:

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The Colorado Department of Revenue (state income tax) came after my receipts just last month for my 2022 return!

I had them ready to go and sent them right away. Still wait on confirmation that they are good, though.

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Four years?!? That's ridiculous.

New this year is standard deduction plus 1k if single or 2k if married.

traxter said:

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Owen Kellogg said:

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The Colorado Department of Revenue (state income tax) came after my receipts just last month for my 2022 return!

I had them ready to go and sent them right away. Still wait on confirmation that they are good, though.

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Four years?!? That's ridiculous.

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Federal is 3 years statute of limitations. Most states follow federal but CO adds 1 year on top of federal period. Also a 2022 return is filed in 2023 and if you extend that could put it as late as October 2023 which is not even 3 years as of today.

traxter said:

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So this will likely be the first year where itemizing will benefit me. Most of my deductions are over a few hundred dollars, and I'm holding onto those receipts. However, there are a decent amount that will be 20-50 dollar receipts. Are those worth holding onto? Or do you just take a picture of them and file them all into a digital folder for a couple years?

I doubt the IRS comes after me, but I have heard they're trying to do more audits.

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If you want to support the deduction you take on the return you need to keep all receipts. Chances are they take a sample of the population or pick and choose what they want so you have no clue which ones they ask for.

Just take a picture and upload them all to one place. keep for 3 years from the date you file the tax return.

traxter said:

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So this will likely be the first year where itemizing will benefit me. Most of my deductions are over a few hundred dollars, and I'm holding onto those receipts. However, there are a decent amount that will be 20-50 dollar receipts. Are those worth holding onto? Or do you just take a picture of them and file them all into a digital folder for a couple years?

I doubt the IRS comes after me, but I have heard they're trying to do more audits.

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also if you are itemizing in 2026, contemplate if you may be itemizing in 2027. If you are taking standard deduction in 2027, you should consider doubling up any property tax if possible to maximize your itemized deductions for 2026 (ideally you would have paid 2025 taxes in January 2026 and 2026 taxes in December 2026, but that would have required planning last year and perhaps not escrowing)

If you are itemizing, it's better to be safe than sorry and just keep it 5 years. It's the government...they will break their own rules and the effort to do this is minimal especially if you own a high speed scanner.

Go buy a Fujitsu desk top high speed scanner and you are golden. Bought one a few years ago and got 100% paper free with it.

just put a staple through them and throw them in a drawer.