I'm an independant contractor and plan on writing my gas, food, etc. However i do not have all my receipts. I printed out my bank statement for the tax year to figure out all of my deductions. Is this allowed?
2007-03-07 02:47:01 · 2 answers · asked by Dustin C 1 in Business & Finance ➔ Taxes ➔ United States
Yeah you can do it but try to sort of half assed write somethig down (log of gas mileage, etc even if it's not %100 accurate) just in case you get audited- which I hope you do NOT!
But if you spent the $$ out of pocket, by all means claim it!
2007-03-07 02:55:31 · answer #1 · answered by Chloe 6 · 0⤊ 2⤋
Gas? Are you really taking actual expenses rather than mileage? You can't take both - if you take mileage, then you can't also deduct gas.
Food? If you are taking clients out for meals, then some of it would be deductible. If you're talking about your own lunch, eating by yourself or just with friends/coworkers, and not out of town on business, then no.
As to receipts, if you have some other backup for the deductions that clearly shows what they're for and the amounts, other than actual receipts, that would be acceptable to the IRS.
2007-03-07 02:53:28 · answer #2 · answered by Judy 7 · 1⤊ 0⤋