Do I need to save receipts for small amounts for IRS and audit purposes?
January 29, 2009 by Tax Blog
Filed under Questions & Answers
Donald M asked:
I have a credit card issued by the nonprofit I work for. I am expected to turn in receipts, which I get, but sometimes receipts for small things–like postage–get lost. Does the IRS really care about a missing receipt for $4.95? Is there a threshold amount for saving receipts–say, anything over $75?
I have a credit card issued by the nonprofit I work for. I am expected to turn in receipts, which I get, but sometimes receipts for small things–like postage–get lost. Does the IRS really care about a missing receipt for $4.95? Is there a threshold amount for saving receipts–say, anything over $75?
Thanks, in advance, for your help with this! If you can point me to any tax code that discusses this, I will be even more grateful!
Don
rob b on Sun, 1st Feb 2009 5:38 am
For small items, you can write a receipt for yourself, really its just making a note of the expense. The bookkeepers would probably love it if you would keep track of everything, not so much the IRS.
bigdog on Mon, 2nd Feb 2009 3:56 pm
i would keep every thing just for your protection if you don’t get audited ever then can get rid of them later on
Judy on Wed, 4th Feb 2009 2:41 pm
If you are turning in receipts, it sounds like you are either being reimbursed or are putting them on the company credit card so you aren’t paying for them anyway. Those items would NOT be deductible.
Richard of Fort Bend on Thu, 5th Feb 2009 11:29 am
claims for small expenses are more defendable if you have a ledger wherein you write them down as they come – you don’t want it to look like you pencil-whipped up a few $thousand in expenses at the last minute, each under $25.