Claiming Deductions & No Receipt

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • tymaboy
    Daycare.com Member
    • Oct 2008
    • 493

    Claiming Deductions & No Receipt

    Just wondering the the average amount is that we can claim without having a receipt. I ask cuz we do not have receipts for dish soap, tp, laundry detergent type of stuff. Dh does not want to claim anything that we do not have receipts for Incase we get audited.
  • TomCopeland
    Business Author/Trainer
    • Jun 2010
    • 3062

    #2
    receipts

    Tax law says you must have an adequate record to claim deductions. A receipt is one type of adequate record, but not the only one. If you don't have a receipt then maybe you have a cancelled check, credit/debit card statement, etc. If you have none of these then I would estimate expenses for the items you mention. Then I would start saving receipts for them in 2011. If you get audited you may have your deductions denied. You can argue that you certainly spent something on these items and if your estimate is reasonable you may win.
    http://www.tomcopelandblog.com

    Comment

    Working...