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

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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.

Regardless of the $75 rule, you ... Log in to view full article.

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