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#3
03-05-2004, 07:35 PM
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 Re: Save Credit Card Receipts? Harland Lunsford posted: - quote - > --in a response to Bill
So she's a client? <g> (elided to provide sufficient context, I hope) > > For example, a line item could show $563 > > paid to the Palace Hotel on 10-17-2003. But > > that might include $180 for a room, and $83 > > for meals, plus $300 for a masseuse. > > The best record is the actual invoice, which > > itemizes expenditures in a manner that > > makes clear *what* was purchased. > Right. The 180 might be deductible in full if > connected with business, while the 83 plus > the 300 MIGHT be deductible as "meals and > entertainment', if you get my drift.  Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
03-04-2004, 12:16 AM
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| Re: Save Credit Card Receipts? Bill wrote: - quote - > DaveR posted:
Right. The 180 might be deductible in full if connected> > I always hear that it is important to save all > > your receipts to back up your tax deductions, > > in case of an audit. > > However, is it really necessary to save credit > > card receipts, or is it good enough to save the > > billing statements? > > It seems to me that the billing statement > > summarizes all activity, so it should be > > unnecessary to save credit card receipts. Am I > > wrong? > The statement simply shows an amount paid by your credit > card company to the supplier. It doesn't detail *what* was > purchased. > For example, a line item could show $563 paid to the Palace > Hotel on 10-17-2003. But that might include $180 for a > room, and $83 for meals, plus $300 for a masseuse. > The best record is the actual invoice, which itemizes > expenditures in a manner that makes clear *what* was > purchased. with business, while the 83 plus the 300 MIGHT be deductible as "meals and entertainment', if you get my drift. Cheer$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
03-03-2004, 12:52 AM
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| Re: Save Credit Card Receipts? DaveR wrote: - quote - > I always hear that it is important to save all your receipts
Yes. Considering now that many states are starting to hop> to back up your tax deductions, in case of an audit. > However, is it really necessary to save credit card > receipts, or is it good enough to save the billing > statements? > It seems to me that the billing statement summarizes all > activity, so it should be unnecessary to save credit card > receipts. Am I wrong? onto the "sales/use tax bandwagon," only the individual receipt will indicate how much sales tax was collected. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-02-2004, 05:07 AM
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| Re: Save Credit Card Receipts? DaveR posted: - quote - > I always hear that it is important to save all
The statement simply shows an amount paid by your credit> your receipts to back up your tax deductions, > in case of an audit. > However, is it really necessary to save credit > card receipts, or is it good enough to save the > billing statements? > It seems to me that the billing statement > summarizes all activity, so it should be > unnecessary to save credit card receipts. Am I > wrong? card company to the supplier. It doesn't detail *what* was purchased. For example, a line item could show $563 paid to the Palace Hotel on 10-17-2003. But that might include $180 for a room, and $83 for meals, plus $300 for a masseuse. The best record is the actual invoice, which itemizes expenditures in a manner that makes clear *what* was purchased. Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-01-2004, 06:27 PM
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| Save Credit Card Receipts? I always hear that it is important to save all your receipts to back up your tax deductions, in case of an audit. However, is it really necessary to save credit card receipts, or is it good enough to save the billing statements? It seems to me that the billing statement summarizes all activity, so it should be unnecessary to save credit card receipts. Am I wrong? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| card, credit, receipts, save |
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