Solved: For business deductions, can I just upload by credit card statements instead of looking for each receipt?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

For business deductions, can I just upload by credit card statements instead of looking for each receipt?

 
1 Best answer

Accepted Solutions
Employee Tax Expert

For business deductions, can I just upload by credit card statements instead of looking for each receipt?

You can enter your business expenses by any reasonable and accurate means of record-keeping, including your credit card statements However, if you are audited by the IRS for these expenses, it is likely that the underlying receipts would be required to show the business nature of the expense. So hold on to the receipts.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
Employee Tax Expert

For business deductions, can I just upload by credit card statements instead of looking for each receipt?

You can enter your business expenses by any reasonable and accurate means of record-keeping, including your credit card statements However, if you are audited by the IRS for these expenses, it is likely that the underlying receipts would be required to show the business nature of the expense. So hold on to the receipts.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Dynamic Ads
v
Privacy Settings