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