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Missing some receipts?

 

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Subject Author Date
Missing some receipts? nonsense 09-15-2008
Posted by nonsense on September 15, 2008, 3:24 pm
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I am quite dilligent about keeping all business expense receipts even
for small amounts of money. My question is should I still report an
expense if I have lost the receipt but do have credit card statements
to proove it?

I would think an auditor would appreciate my diligence with record
keeping and be convinced my expenses for which I do not have actual
receipts are legitimate?

Also is there any minimum amount for which no receipt is required,
like $25 and under expenses?

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Posted by removeps-groups@yahoo.com on September 15, 2008, 8:25 pm
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On Sep 15, 12:24 pm, nonse...@mynonsense.net wrote:

> I am quite dilligent about keeping all business expense receipts even
> for small amounts of money. My question is should I still report an
> expense if I have lost the receipt but do have credit card statements
> to proove it?

What is the ratio of expenses without receipts to total expenses?

Often you can get receipts by contacting the company.

> Also is there any minimum amount for which no receipt is required,
> like $25 and under expenses?

There's no limit. But if a receipt is not readily available, then
it's OK. Examples I can think of are bus fare and toilet fees (they
have this in France).

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<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
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Posted by Mark Bole on September 15, 2008, 9:40 pm
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removeps-groups@yahoo.com wrote:
> On Sep 15, 12:24 pm, nonse...@mynonsense.net wrote:
>
>> I am quite dilligent about keeping all business expense receipts even
>> for small amounts of money. My question is should I still report an
>> expense if I have lost the receipt but do have credit card statements
>> to proove it?

Do you have contemporaneous notes or logs to show the business purpose
of the expense?

>
> What is the ratio of expenses without receipts to total expenses?

Let's try two answers, just hypothetically. 5%, and 50%.


> Often you can get receipts by contacting the company.

"even for small amounts of money" ?


> Examples I can think of are bus fare and toilet fees (they
> have this in France).

They also have bus fare in the U.S. Are toilet fees deductible in
France? I don't think they are in U.S., unless you are in the business
of providing toilets or toilet-related services.

-Mark Bole

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by removeps-groups@yahoo.com on September 15, 2008, 10:42 pm
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> removeps-gro...@yahoo.com wrote:

> > What is the ratio of expenses without receipts to total expenses?
>
> Let's try two answers, just hypothetically. 5%, and 50%.

In either case you need receipts. Except in the case of 5%, maybe
there's a chance you can get away with it? Is this true?


> > Often you can get receipts by contacting the company.
>
> "even for small amounts of money" ?

Yeah, it's possible if they have good records in a computer, like at
companies with a web storefront. Stores like Circuit City which have
a web and physical store presence, may even be able to help you if you
bought everything at the physical store, but I'd need to test that
out.

> > Examples I can think of are bus fare and toilet fees (they
> > have this in France).
>
> They also have bus fare in the U.S. Are toilet fees deductible in
> France? I don't think they are in U.S., unless you are in the business
> of providing toilets or toilet-related services.

If you were on a business trip in the US or France, and had toilet
fees, they would be deductible. I don't know anywhere in the US that
has these fees though.

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Harlan Lunsford on September 15, 2008, 10:48 pm
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Mark Bole wrote:
> removeps-groups@yahoo.com wrote:
>
>> Examples I can think of are bus fare and toilet fees (they
>> have this in France).
>
> They also have bus fare in the U.S. Are toilet fees deductible in
> France? I don't think they are in U.S., unless you are in the business
> of providing toilets or toilet-related services.
>
Right; most definitely a personal expense.
Like haircuts. (but my hair GROWS on company time!)

ChEAr$,
Harlan Lunsford, EA n LA

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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