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I haven't kept all of my receipts for everything I've purchased so far. I do have a lot of them but not all. Can I still deduct these? I know how much they cost and where I got them. ty!!
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Receipts
The law says you must have an adequate record to claim a deduction, it doesn't say you must have a receipt, although a receipt is always best. Use cancelled checks, credit/debit card statements, photographs, written notes and other record to reconstruct your expenses. Yes, write down where you bought the items, copy the prices from the web page of the stores. Take pictures of them. -
I keep a little coupon book in my purse and every time I buy something for the DC I throw the receipt right in there. It keeps everything (mostly) organized and I have an immediate record of it.Comment
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I use my business credit card (or debit card) for deductible expenses and then just toss the statement in my receipts folder when it arrives. Bonus to this is it doesn't fade. I almost died my first year when all my receipts were long gone at tax time!Comment
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