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#3
02-22-2006, 12:12 PM
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 Re: Record Of Business Expenses <williammaw[at]aol.com> wrote: - quote - > I have a business account set up under the company name.
You need receipts to document the purchases and business> Are the charges that show up on the monthly and annual > statements good enough for claimming business expenses for > taxation, or do I still need the purchase receipts for that? purpose of the expenditure. While some exependitures may be easily identified just by having the vendor name and amount (e.g., $40 at a gas station is probably gasoline), simply having bank statements or credit card statements documents the fact that you spent money but does not satisfy documentation requirements about what was purchased or the purpose of the expenditure. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
02-22-2006, 11:53 AM
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| Re: Record Of Business Expenses <williammaw[at]aol.com> wrote - quote - > I have a business account set up under the company name.
You are going to need the receipts.> Are the charges that show up on the monthly and annual > statements good enough for claimming business expenses for > taxation, or do I still need the purchase receipts for that? -- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
02-22-2006, 11:53 AM
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| Re: Record Of Business Expenses <williammaw[at]aol.com> wrote: - quote - > I have a business account set up under the company name.
No - receipts are necessary. A charge to Wal-Mart will not> Are the charges that show up on the monthly and annual > statements good enough for claimming business expenses for > taxation, or do I still need the purchase receipts for that? > Thank you ... show that you bought computer supplies or food - just that you spent monies at Wal-Mart. Rgs, Mark << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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02-22-2006, 11:53 AM
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| Re: Record Of Business Expenses "williammaw[at]aol.com" <williammaw[at]aol.com> wrote: - quote - > I have a business account set up under the company name.
In the event of an audit, you need to show two things: that> Are the charges that show up on the monthly and annual > statements good enough for claimming business expenses for > taxation, or do I still need the purchase receipts for that? you really paid something and that this was for a business purpose. You would still need invoices/receipts for expenditures. The bank charges show that you actually paid out money; they do not show what that payment was for. Lanny K. Williams, CPA Nawarat, Williams & Co., Ltd. Income Tax Services for Expatriate Americans << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-21-2006, 08:55 AM
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| Record Of Business Expenses I have a business account set up under the company name. Are the charges that show up on the monthly and annual statements good enough for claimming business expenses for taxation, or do I still need the purchase receipts for that? Thank you ... << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| business, expenses, record |
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