Question
Receipts for business expenses under $75.
I worked as a freelance contractor for 7 months in 2013. I am comparing the receipts that I saved and my credit/debit card statements and I realize that I didn't save receipts for many business expenses. It was my first time freelancing and I didn't exactly know the rules of the game.
Many of the expenses are for $10-$50. I've read on the IRS website that if you have adequate evidence, you don't necessarily need a receipt for expenses that are less than $75 (entertainment, office supplies, etc). (http://www.irs.gov/publications/p463/ch05.html) Is this true and if so, we evidence should I be accounting for. Specifically for business meals, will a bank statement and record of who was there, the business discusses, and other details be enough to prove the business expense?
Many of the expenses are for $10-$50. I've read on the IRS website that if you have adequate evidence, you don't necessarily need a receipt for expenses that are less than $75 (entertainment, office supplies, etc). (http://www.irs.gov/publications/p463/ch05.html) Is this true and if so, we evidence should I be accounting for. Specifically for business meals, will a bank statement and record of who was there, the business discusses, and other details be enough to prove the business expense?
