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http://boards.fool.com/no-receipt-required-for-biz-exp-lt-75-19409441.aspx
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| Subject: No receipt required for biz exp < $75? | Date: 8/3/2003 8:00 PM | |
| Author: wtam | Number: 66356 of 118626 | |
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I believe I heard the IRS does not require physical receipts for business expenses less than $75 (raised from the previous $25 threshold some years back). This is the threshold my employer uses. However, I have been unable to find the $75 threshold specifically mentioned in an IRS publication. Could someone point me to the publication that notes the threshold for physical receipts being $75? For expenses under the $75 threshold, is it acceptable to just have an electronic log of the expense maintained in an excel spreadsheet or in quickbooks/quicken? If I am completely off base on this, or, if this applies only to large corporations, if someone could please let me know. |
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