What with all the electronic billing and so on, what are the requirements now for keeping paper receipts? Will a simple cancelled check suffice. I got audited one time back in the 70s and the fellow told me I had to keep both the check AND a validating receipt. I'm just wondering if that's still the rule.
Thanks
jc
"J.C." wrote
None really. Your receipts can be maintained in electronic format if you desire. Same for the canceld checks.
Nope. It never was sufficient to prove a deduction.
You'll need to prove that you actually paid for something (the canceled check) and that that "something" was a legitimate business deduction (the receipt that describes what it was you paid for).
'Tween the two, you have all the proof you need.
Thank you sir. Appreciate it.
jc
is it still rule.
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