<veg_all[at]yahoo.com> wrote:

- quote -

You need records, not necessarily a receipt.

- quote -

It's _more_ work to keep adequate records in the absence of
receipts.

Seth

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eg_all[at]yahoo.com wrote:

- quote -

Like so many answers here, the answer to your question is:
"It depends."

First of all, you raise two issues -- having receipts and
keeping track of expenses. The tax code requires you to
keep records of all business income and expense; to keep
records of all amounts reported on your return, whether
income or expense. This has nothing to do with keeping
receipts and there is no de minimis amount; either keep
track or don't deduct.

Generally, you have to have some documentation of all
deductible expenditures; proof of what you paid, to whom,
why, and how much. In the case of travel, meals, and
entertainment, you do not need a receipt for expenditures of
$75 dollars or less, unless a receipt is normally given.
So, a $70 taxi fare would not require a receipt but a $60
hotel bill would.

Most dine-in restaurants provide some sort of bill,
McDonalds don't.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

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<veg_all[at]yahoo.com> wrote

- quote -

Nope. You need to be able to prove all your claimed expenses.

- quote -

But you bothered to remember to deduct it. $35 x 15% tax
rate is $5.25.....about the cost of lunch if you eat on the
cheap. Yeah, it's worth tracking.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

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I recall reading that if an expense is under $35 you do not
need a receipt. Is that correct? Seems like a lot of
non-value added work to keep track of such small amounts..

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >