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Thread: Receipt question

  1. #1
    God/dess VenusGoddess's Avatar
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    Default Receipt question

    Scorpio saves all of his receipts for his job which are tax deductible. I've noticed that the vast majority of the thermal laser receipts have disappeared to nothing. You can see that something was on them...but not much more.

    I have all of the receipts written into my excel spreadsheet, but if we ever get audited...what will become of the receipts that you cannot read? Does it matter? This next year, I'll make photocopies of the receipts before they vanish into neverland, but I need to know for THIS year's taxes...

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    Senior Member DanMorris95156's Avatar
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    Default Re: Receipt question

    Copy what you have now from the thermal paper and record what you can read/estimate from the receipts.

    Trick of copying and then using a highlighter might bring out just enough information. Thermal paper is a poor product for record keeping.

    If you have the receipts and can't copy them, use an ink pen to summarize the receipts. Also, note that receipts are legally required unless over $75 - but it isn't suggested that you leverage that requirement too frequently.

    Business owners, and each of you really are as independent contractors, must operate in a business manner or you will be subject to greater hassles under an audit.

    Good luck,

    Dan Morris
    Daniel D. Morris, CPA
    [email protected]

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    God/dess montythegeek's Avatar
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    Default Re: Receipt question

    Warning!!!!!!!! Test first on a irrelevant area- many thermal papers react to highlighters and turn black--solid black destroying what was highlighted, and sometimes in slow motion.

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    Senior Member DanMorris95156's Avatar
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    Default Re: Receipt question

    Monty,

    I guess I wasn't clear - I meant to photocopy the receipt first and hightlight the photocopy and not the thermal paper - you are correct. Highlighting thermal paper is a bad idea.

    Dan
    Daniel D. Morris, CPA
    [email protected]

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    God/dess montythegeek's Avatar
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    Default Re: Receipt question

    Dan,
    It is too easy to make the thermal boo-boo, so I wanted to be clear. I learned the hard way--wiped out a week's computer work with the stroke of a pen back 20 years ago.

    I prefer the pay-every-month credit card as a backup used only for deductibles, with no mix and match of miscellanous on the same receipt. Too many receipts become illegible, or start off that way.

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