It's just that I can't find every single receipt concerning my business - Would I probably have to pay more tax? Are there any more implications? I sooo disorganised :-(
2007-11-05 01:55:13 · 7 answers · asked by Anonymous in Business & Finance ➔ Small Business
You can't deduct expenses you can't prove so you will pay more taxes.
2007-11-05 02:00:14 · answer #1 · answered by shipwreck 7 · 1⤊ 0⤋
I'm pretty sure it comes down to if the IRS audits you or not. If you can't find the receipt, I would definately find it on your credit card receipt (the IRS can always research that later if they question it). If you paid cash, you're outta luck. If the receipt is only $50, I doubt the IRS will scrutize that too much.
I would really call your CPA...because tax laws change every year...so the requirements change constantly.
If you claim things on your taxes you don't have receipts for, you'll only be penalized if you are audited by the IRS. So, either start digging, don't claim it, or cross your fingers. If it isn't a lot of "loss" or money (i.e. a receipt for $100) I would just drop it and move on. It's not going to give you that great of a deduction in comparison to what you may have to pay in fines for fictional filing to the IRS.
2007-11-05 10:04:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Contact your bank, if you paid by switch or any other card, whilst they cannot prove what you bought, that can give you detaills of the time date and where the transactions was - eg 05.11.2007, 15.03 hrs, B&Q Manchester :) if they can give you a print out perhaps you could substitute these for receipts ?
2007-11-05 10:04:27 · answer #3 · answered by Ash 2 · 0⤊ 0⤋
definately not a good thing also u have not to pay more because than too u have to have more receipts therefore you have to contact a CA/CS for the business matter as he could giude which way be better for the business u r in
2007-11-05 10:02:37 · answer #4 · answered by singha_ms 2 · 0⤊ 0⤋
get a couple of letter heads of billing from non existing companies and blag your way out of the crapper like every self respecting self employed business person does other wise pay the tax man more than you have made on i believe in paying tax but only to a point!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
and good luck
2007-11-05 10:06:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Talk to your accountant. You don’t want to guess at anything on your taxes.
2007-11-05 09:58:53 · answer #6 · answered by Anonymous · 0⤊ 1⤋
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2007-11-05 10:05:45 · answer #7 · answered by ? 3 · 0⤊ 0⤋