You'll need to sign in or create an account to connect with an expert.
Maybe for your bookkeeping however if you are ever audited the IRS requires the actual receipts ( you can scan them and keep the records electronically). https://www.irs.gov/taxtopics/tc305
For instance you may have a charge at Walmart but unless the IRS can see what you bought they will assume it was all personal purchases and disallow any business deduction. https://www.irs.gov/publications/p583#en_US_201408_publink1000253160
For most expenses, bank records (cancelled checks, or credit/debit card statements) are adequate. Two notable exceptions: 1) Hotel expenses require itemized receipts; 2) Amounts over $600 paid to Persons for help in your business require you to file/issue 1099-MISC to IRS and person. For additional IRS guidance, see https://www.irs.gov/forms-pubs/about-publication-583
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Chris-3420
New Member
bueschernelson00
New Member
aubrey-ushing
New Member
zachqu
Level 1
DavidinNY
New Member