Is It Really Necessary to Keep Receipts for Business Tax Write Offs?
Are you hoping to reduce your taxes as an entrepreneur?
If so, you might wonder if it's absolutely necessary that you'll need to keep copies of your receipts at all times. While at the moment it's not required by law, you might need to show your receipts to justify business tax write offs.
As a result, many entrepreneurs forgo keeping receipts altogether. However, in the event of an audit, this can land you in trouble.
Here's what you need to know about receipts for tax write offs.
Business Tax Receipts
A business tax receipt is a document that shows that your company made a purchase solely related to your company's operations. These can include, but are not limited to:
Meals (for business meetings)Transportation (business travel)Stationery purchasesBusiness educatio...