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| *Ostroff, Fair and Company>>>United States Taxes |
DO I have to show all receipts to the IRS to claim living expenses as deductions from working out of town? |
I spent three months working out of town last year. I am hoping to claim living expenses as deductions. Do I have to show all receipts to the IRS, or is there a standardized minimum that I can use to simplify the process? You need receitps for all lodging expenses. For meals and other expenses you only need receipts for individual expenditures of over $25.00 if you keep a daily diary of all expenses. I travel very heavily and have been audited twice. The expense diary IS accepted by the IRS. You have to keep all the receipts and base your deductions on those receipts. But you don't have to turn the receipts in with your tax return; just keep them on file with the rest of your tax documents in case the IRS requests additional details. Any time you are going to claim expenses or deductions or credits, you need a bookkeeping system. http://www.irs.gov/publications/p552/ind... I hope this helps. Also, it is recommended that one keeps a Safe-Deposit Box for their records [this is tax deductible.] imho - mucho tax experience |
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