Deduction Question!

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  • mindi1314
    Daycare.com Member
    • Sep 2013
    • 23

    Deduction Question!

    Hi Tom - in the thick of taxes right now and full of questions. So very much appreciate a place to turn and have an educated answer. Calms all my fears !
    Question is this -
    When I start inputting my expenses such as operating supplies, do I need to list each item or can I bulk together as long as I have receipts to verify ?
    Example - instead of saying crayons, paper, paint, glue, etc can I just add up all those items and list as "art supplies"
    Can't imagine IRS wants me to list EVERY single item.
    Thank you
  • TomCopeland
    Business Author/Trainer
    • Jun 2010
    • 3062

    #2
    Expenses

    Originally posted by mindi1314
    Hi Tom - in the thick of taxes right now and full of questions. So very much appreciate a place to turn and have an educated answer. Calms all my fears !
    Question is this -
    When I start inputting my expenses such as operating supplies, do I need to list each item or can I bulk together as long as I have receipts to verify ?
    Example - instead of saying crayons, paper, paint, glue, etc can I just add up all those items and list as "art supplies"
    Can't imagine IRS wants me to list EVERY single item.
    Thank you
    You can lump together expenses such as supplies rather than listing them separately. So, yes, say "art supplies".
    http://www.tomcopelandblog.com

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