March 21, 2012 2:27 PM Subscribe
Question about proper saving of e-mail and web receipts in case of an IRS audit.
posted by crapmatic to Work & Money (3 answers total)
This question is about items that I carry as business expenses on my 1040 Schedule C (sole proprietorship).
1. You go to a brick and mortar store, you get a paper receipt. That's easy enough. But I make tons of electronic purchases. Many times these are sent only as an e-mail, such as from web hosting companies and small-time sellers. For example, we use Endicia to print postage; I don't see formal receipts on their website but I do receive detailed e-mail confirmations of my purchases, and their website lets me print from a list of transactions (Paypal style). But that's about it; I don't see any way to print a traditional receipt. Now assume I am audited. What does the auditor need to see exactly when it comes to purchases such as this?
2. I am diligent about saving receipts, but I know there's probably a few missing. The expenses, however, would definitely show up on my credit card statements, all of which I do have. Would an accountant consider credit card statements acceptable in lieu of a receipt? For most of these, the payee name is very businesslike or is a payee that I have other receipts for showing my legitimate spending patterns.
I recognize you are not my accountant or attorney. Thanks.