5. Receipts Aren’t Always Necessary
Did you accidentally through away that receipt for a business lunch or other expense? You may think you are now disqualified from claiming it on your tax return. In actuality, you may write down tax-deductible expenses without receipts in a journal or spreadsheet. The IRS will allow this for up to $75 spent per day. Be sure to include the date of purchase, amount, vendor, and reason for expense in your journal. A credit card statement with the purchase is also allowed.