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Can a bank statement count as a receipt for meals? Do you need an itemized receipt for supplies?

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New Member

Can a bank statement count as a receipt for meals? Do you need an itemized receipt for supplies?

No, just a bank statement is not enough to count as a receipt for meals. Per IRS, to prove an expense, like meals you have to have documentary evidence.

Adequate evidence.   Documentary evidence ordinarily will be considered adequate if it shows the amount, date, place, and essential character of the expense.  

A restaurant receipt is enough to prove an expense for a business meal if it has all of the following information.

Generally, for supplies, yes, you also need a receipt with a detail of what was purchased to substantiate business use. Many business now have the option to email you a receipt.

Per Must I Have a Receipt for All Deductions? | Finance - Zacks:

Receipts You Need

If you deduct meals and travel, you need receipts with the name of the establishment you visited, the date you were there and the amount you spent. A cancelled check cannot serve as evidence of a business expenditure by itself. You must have additional documentation to prove it was a business expense or an expense you incurred as part of your employment. A bill for a service or product can serve as proof of an expense. You should also be prepared to provide an invoice or receipt showing the cost basis of items such as stocks, bonds, real estate and equipment that you depreciate.

Electronic Records

You may present electronic records to support your claims for expenses. This can include images of cancelled checks, as well as scans of receipts, invoices and bills. You do not need the original receipts if you can provide a clear scan. You may also create a record of expenses on a computer. The IRS will accept your accounting records that are entered on a computer instead of in accounting books.

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