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> do you know how many of them could readily provide carbon copy receipts for every single deduction they claimed in the last X years? So on what basis did the
by Amezarak 10y ago
> do you know how many of them could readily provide carbon copy receipts for every single deduction they claimed in the last X years?
So on what basis did they take those deductions in the first place, if they didn't have the documentation to figure out what their deduction was in the first place? Did they just guess? Or are you saying they had it for one tax season and then destroyed it?
- cloakandswagger 10y agoEither they had it and destroyed it, lost it or did what lots of small businesses do and had a credit card or checking account only used for business, then referred against the statements to determine deductions (sans receipts)
- ncallaway 10y agoIs an e-mail copy receipt sufficient for the IRS? As a small business, we travel a lot and obviously book travel online (as well as make a number of other business purchases online). I've never even considered that the e-mail receipt or purchase history on Amazon.com might not be sufficient documentation. Is this something I should spend the next half-hour researching, or am I concerned over nothing?
- johncolanduoni 10y agoIANAL, but looks like it's addressed on page 9 here: https://www.irs.gov/pub/irs-irbs/irb97-13.pdf https://www.irs.gov/pub/irs-irbs/irb97-13.pdf I'd be shocked if it wasn't, since invoicing purely by e-mail is pretty common these days.
- gamblor956 10y agoReceipts can be trivially documented by taking pictures with a cell phone at the time of purchase.... In my experience bank/cc statements have been sufficient documentation for smaller or recurring expenses.