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The IRS enables the $75 receipt rule only for Section 274(d) expenses which are expenses for travel, gifts, and listed property that require heightened documentation.
Example. If you buy office supplies that cost $15, you need a receipt. But if you pay $65 to pump gas into your business vehicle, you don’t need a receipt.
You can see how easy it is to get this rule wrong.
Keep receipts. Ignore the $75 rule. It’s too confusing because it applies to your vehicle, gifts, and travel—and almost nothing else. And it doesn’t really save time.
Don’t forget:
The credit card or bank statement proves you spent the money.
The receipt shows what you paid for.
The combination wins the deduction.[/vc_column_text][us_image image=”2309″][/vc_column][/vc_row]
