Are credit card statements sufficient to prove expenses to the IRS for small business?
Answered by:
As is usual with CPAs & the IRS “it depends”- Gas stations sell food & cigarettes; Target sells deductible supplies & personal items; Costco sells “everything”...if you are an electrician & buy from A&E Electric Supply- a credit card charge will probably suffice. Keep those Costco receipts because a credit card charge won’t suffice