Documentation of Expenses

It is important to have documentation for expenses via credit card statements and bank cards. You don’t need to carry receipts. In fact, the IRS doesn’t require documentation for meals/entertainment under $50. It is highly suggested that any major expenditures (over $500) should have a receipt to show the cause for business. Logs can also be kept with the 3 P’s and 1 D – Person, Place, Purpose and Date. This is sufficient evidence to show the IRS in case of an audit