Keeping invoices for taxes?

Question

Do I need to keep all invoices like Gas, suppliers, restaurants, etc for tax puropse ? I Charge it all on my credit card, Is Mastercard statements enough for the taxes ?

Answer 1

You need to keep receipts for all expenses over $75. For all purchases under $75, you will need to make a note of what was purchased and why it is a business purchase.

However, if you are audited, and the IRS does not accept your explanations, you will be required to produce the reciepts. Make thing easier on yourself, keep the receipts.

If you don't want to keep the actual copies of the receipts, then you can scan them and keep them on a CD. That is allowed by the IRS.

Answer 2

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Answer 3

If they are business expenses, keep the receipts - the credit card statements aren't enough, since they just show the amounts and who it was paid to, not what it was for.

If you are talking about personal expenses, they aren't deductible so no point in keeping them.

Answer 4

You need to keep the receipts and the purpose of it.