As shown in other responses there s a mixed review of whether the credit card statements are sufficient for an IRS audit. I can say that since that is not sufficient for a state tax audit, you will need the receipts anyways incase you are selected for that.
The credit card statement shows the summary of the transactions, this by itself is not sufficient evidence of the details of such transactions. The IRS would not accept that level.
To a degree, yes. However, meals you need to have who you were eating with so therefore you should have the actual receipt where you can write their name. I hope this info helps.
Yes, Acceptable proof includes, but is not limited to, cash receipts, bank statements, cancelled checks and pay stubs. When you incur the qualified expense by credit card, the IRS requires a statement that shows the transaction date, the payee's name and the amount you paid
Answers (51-60)
As shown in other responses there s a mixed review of whether the credit card statements are sufficient for an IRS audit. I can say that since that is not sufficient for a state tax audit, you will need the receipts anyways incase you are selected for that.
The credit card statement shows the summary of the transactions, this by itself is not sufficient evidence of the details of such transactions. The IRS would not accept that level.
you need to keep receipts!
To a degree, yes. However, meals you need to have who you were eating with so therefore you should have the actual receipt where you can write their name. I hope this info helps.
Maybe. The cc statement proves who you paid but not what for. That can be the problem
Yes, Acceptable proof includes, but is not limited to, cash receipts, bank statements, cancelled checks and pay stubs. When you incur the qualified expense by credit card, the IRS requires a statement that shows the transaction date, the payee's name and the amount you paid
In my experience a credit card receipt is requested. I don't know if those rules have loosened up...
Yes. Credit card should have business name on it. You should carry 2. 1 for business and 1for personal. Then there are no questions as to cominglin
for the most part yes, but I would always keep back up receipts with card....
Sam as all the others no
Need receipts