Q Once again this year as I did my taxes, I found that many of my receipts were already illegible. What should I do?
A The tax requirements for travel and entertainment expenses over $75 is documentary evidence in the form of a paid bill or a written receipt, said certified public accountant Bill Miller, with William P. Miller LLC in Chanhassen.
That evidence is not just a receipt from XYZ restaurant for $150, Miller said; you also have to be able to say who you entertained and the business purpose of the expense.
People customarily write that information on the back of their receipt. Miller said. So the easy solution for your problem is to write the amount of the expense at that time, too, he said.
If you want to be extra careful, Miller suggests that you take the extra step of making a copy of the receipt while it's still legible. Copies are permissible, he added.
For lodging expenses, you must have an itemized statement regardless the amount. That's because a hotel bill can contain more than just lodging, Miller said.
Gas prices rise Some reminders on how to conserve fuel:
Don't drive a car full of clutter. Remove excess weight from vehicle and trunk.
