Bradford Tax Institute
Article Date:
November 2009


Word Count:
446

 

 

How the No-Receipt-Under-$75 Tax Rule Works


I have been listening to the CDs from your tax course. In the CDs, you say that I need receipts for entertainment and out-of-town meals that cost $75 or more. I thought that I needed no receipts for anything under $75. Am I wrong? (C.T., Nevada, Iowa)

 

Totally wrong! You need receipts for all expenses, regardless of amount, except expenditures that are less than $75 for1

 

·

entertainment,

·

overnight travel, and

·

listed property.

 

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