4 ms·
is the credit card trail not good enough?
by toddmatthews 5y ago
is the credit card trail not good enough?
- toomuchtodo 5y agoFor amounts over $75, it is not. https://www.irs.gov/pub/irs-drop/rr-03-106.pdf https://www.irs.gov/pub/irs-drop/rr-03-106.pdf
- toddmatthews 5y agothat's strictly for reimbursing an employee for an expense.
- toomuchtodo 5y agoGood catch. I’ve been audited before, so I err on the side of caution and keep as much documentation as reasonably possible to substantiate business expense claims. Electronic storage is cheap, and audits are unpleasant. https://www.irs.gov/businesses/small-businesses-self-employed/what-kind-of-records-should-i-keep https://www.irs.gov/businesses/small-businesses-self-employe...
- toddmatthews 5y agogot it, makes sense, thanks
- toomuchtodo 5y agoThanks again for pointing out my mistake.
- kingnothing 5y agoI don't think so. You could go buy $1000 worth of gift cards to give to your family on a business credit card versus legitimate business expenses. The receipt shows what you bought, a credit card statement only shows the amount.
- toddmatthews 5y agothanks
- namibj 5y agoNo, the CC company actually has line-item information for almost all purchases (fall-back transaction processing and really old terminals are likely excluded). Theoretically you can get your hands on that information.