No, that is not correct. Here is the rule (and these are in my words, but I am also a CPA - been doing this a very long time - and this is the rule): If a purchase is made on a CC to a merchant that falls in line with your line of business and is considered reasonable (not necessary, but reasonable), you must save the receipts - physical or printed emailed receipts - for the detail of the total purchase - in order to deduct. Now, whether to capitalize or expense, of course, follows general IRS guidelines. So, for example, if you are an on site GC and you buy tires for a friend's car, the receipt will show the tire type, which will then dictate the vehicle class. If they're for a nice Beamer, not in like with a general contractor.
IRS Definition:
Key Takeaways: "Current expenses are the necessary purchases that keep a business running such as rent, utility bills, and office supplies. Capital expenditures are asset purchases that have a useful life of longer than one year and are considered long-term investments in a business."
Having said that, your CPA cannot decide for you what to do with those expenses you've put on a CC, they can only advise you as to the rule. This decision is yours to make, because it is your gamble as to whether or not you should be "randomly selected" for Audit by the IRS for a given year (they usually go back 3 but can go back as far as 5 for these "randomly selected" Audits).
Key takeaway, again, is following the rules for what is and is not an "expensable" item. I tell all of my clients to get a plastic ziplock bag and keep it in their glove compartment specifically for this purpose. Just toss those receipts in there when you've made the purchase!
I hope this helps!
