Did you know that in *most cases* you do not need to save receipts for tax expenses less than $75? That’s right, a few years back the IRS decided to simplify some record keeping requirements. Not a bad deal but there’s always a catch…. Meals & Entertainment. Even if the cost is less than $75, you still must maintain records relating to the event in some written or electronic form. Here is the list:
WHY: the business purpose of the meal or event
WHO: the names and business relationship of those present
WHEN: simple enough
WHERE: the name of restaurant or venue
HOW MUCH: again, simple enough
So in reality, while not required, keeping the receipt is usually easier than a separate log. You can simply fill in the necessary info (if you save the main receipt -and not just the credit card signature slip- then the WHEN, WHERE and $$$ are already printed on it) on the bottom of the printed receipt and save it.
More on that last part later. Have a great week!