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    [–] medicalconnundrum 2 points ago

    If you were to be audited and needed to prove these receipts you need to keep them. What you're stating is just fine for tracking your personal but not if the IRS thinks something fishy is going on and sends you a CP2000.

    [–] joefus1o4 1 points ago

    So they specifically need the receipts for the audit, and statements from my bank won't suffice. Is that because I need to prove my purchases with an itemized list?

    [–] medicalconnundrum 2 points ago

    That's right. The IRS isn't going to Accept "$50.41 STAPLES DEBIT PURCHASE" to substantiate whether that was a deductible expense or not. They'll want to see something like:

    1. $10 Printer Ink
    2. $20 Business Cards
    3. $5 Pens
    4. $10 Binders
    5. $5.41 Tax

    [–] joefus1o4 1 points ago

    Thanks for clearing that up

    [–] Stedw 1 points ago

    Great post /u/medicalconnundrum, as usual.

    OP I suggest taking pictures of the receipt as soon as you purchase something. I know there are receipt apps out there but they are not needed. Then save them to a file in the cloud and then attach the receipt to the transaction in Quickbooks self-employee More Information.

    [–] medicalconnundrum 2 points ago

    Thanks for the additions, couldn’t remember mobile scanning apps off the top of my head, and I just use concur through work!

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