Let me share some insights about keeping receipts, mathewdummett.
Yes, we should hold onto receipts, other than the exceptions listed below. The IRS lists situations when you don't need a receipt. There are exceptions for travel, gifts, entertainment, and car expenses:
- You don't need receipts for business expenses that are less than $75. For example, you don't need a receipt for a $25 box of donuts you give as a gift to your accountant. Lodging is the exception. You need to document all lodging expenses you claim as travel expenses, regardless of the amount.
- You don't need receipts for transportation expenses when a receipt isn't readily available. Bridge or road tolls are two examples.
- You have a per diem allowance from your employer that includes meals or lodging. (If you're self-employed, you can use federal per diem standards instead of an employer.
If you have specific questions about receipts and record-keeping, I'd suggest consulting your accountant or a tax professional. To learn more on which receipts you should hold onto and why see the Should I keep my receipts in QuickBooks? article. If you need to upload your receipts and bills to QuickBooks Online (QBO), check out the Upload your receipts and bills to QuickBooks Online article for the steps and details.
Feel free to visit our Account Management page for more insights about managing your Intuit accounts.
I'm just one post away if you need a hand with running your financial reports or any QBO related. I'll be here to ensure your success. You have a good one.
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