Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Author: wtam Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120805  
Subject: No receipt required for biz exp < $75? Date: 8/3/2003 8:00 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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.
Print the post Back To Top
Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 66358 of 120805
Subject: Re: No receipt required for biz exp < $75? Date: 8/4/2003 12:51 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
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?


Try Pub 552 or 463.

Phil

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Advertisement