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Posted by veg_all on January 29, 2007, 2:11 am
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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..
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Posted by Paul Thomas, CPA on January 30, 2007, 11:50 am
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> I recall reading that if an expense is under $35 you do not
> need a receipt. Is that correct?
Nope. You need to be able to prove all your claimed expenses.
> Seems like a lot of non-value added work to keep track of such small
> amounts..
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@bellsouth.net
<< ======================================================= >>
<< 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. >>
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<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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Posted by L K Williams on January 30, 2007, 11:50 am
Please log in for more thread options eg_all@yahoo.com wrote:
> 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..
>
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
<< ======================================================= >>
<< 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. >>
<< ======================================================= >>
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Posted by Seth Breidbart on January 30, 2007, 9:52 pm
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> I recall reading that if an expense is under $35 you do not
> need a receipt. Is that correct?
You need records, not necessarily a receipt.
> Seems like a lot of
> non-value added work to keep track of such small amounts..
It's _more_ work to keep adequate records in the absence of
receipts.
Seth
<< ======================================================= >>
<< 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. >>
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