msmith1199
Central, CA
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Does the IRS (or your CPA) require you to keep original receipts for business related purchases? I'm starting a small business this year and I'm collecting stacks of receipts. I'm entering them all into Quickbooks and scanning the receipts so I have a digital image. So if I ever get audited I can print out copies of the receipts, but is that good enough or does the IRS want you to keep originals too? I'm trying to eliminate as much paper as possible stored around here.
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hershey
Albuquerque,(fulltime) NM, USA
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For something as important as your query, I'd suggest you contact professional help for your answer. I wouldn't put much fate in a group that can't agree on 6 volt batteries over 12 volt or which brand of TP to use.
I think I'd go ahead and scan but toss the original copies into an envelope by month and year just because its easy to do. Wanna bet my answer is inaccurate 
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accsys
Green Cove Springs, FL
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Go to IRS.GOV and download Pub 583, Starting a Business and Keeping Records. That would give you info straight from the horses mouth, so to speak.
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msmith1199
Central, CA
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I'm looking for personal experience from people who have been there and done it.
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accsys
Green Cove Springs, FL
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msmith1199 wrote:I'm looking for personal experience from people who have been there and done it.
It doesn't make any difference what others have done if it doesn't adhere to IRS rules. Their opinion is the only one that counts and the only one you are required to follow.
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bid_time
Michigan
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Let me put it to you this way. Do you want to take the chance that at an audit the IRS guy decides your scanned receipts aren't good enough?
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jetboater454
Camping or home
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We have a business credit card.Every thing for business goes on it.Just save the statements
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Doug4.7
Hartselle, AL, USA
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Joined: 10/02/2003
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hershey wrote: I wouldn't put much fate in a group that can't agree on 6 volt batteries over 12 volt or which brand of TP to use. Okay, that had me laughing out loud. Good one!
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msmith1199
Central, CA
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I guess I should always add this disclaimer when asking a question like this: I am asking for advice and personal opinions. I am smart enough to know how to figure out the actual rules and I know where the IRS website it. I love asking questions on here because there are always people who have been there and done it and they always have some great advice. Then there are people who have bad advice. Then there are the throngs of people who post to tell you to not ask questions like this and instead go hire somebody to answer your questions. The last group not being helpful at all.
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msmith1199
Central, CA
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jetboater454 wrote:We have a business credit card.Every thing for business goes on it.Just save the statements
And I do that too, but don't you still save receipts? The credit card statements (I use a debit card) are only going to show where the charge was made and not what was purchased. The receipt shows the actual item purchased. Doesn't the tax man require the detail?
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