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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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