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Thread: Lost Receipts - Deductions

  1. #1
    AudreyLeigh
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    Sad Lost Receipts - Deductions

    During my last couple of moves somehow I lost ALL my receipts that I saved for the 05 tax year... the whole damn file... I didnt even think about it until my last box got here and it wasnt in it..

    Anywho - I buy most things with my debit card...

    I made pretty good money this year and NEED the write offs. How can I go about getting the deductions. I mean, I know everything I bought at "Naughty N Nice" is a write off... dancer store but what about Nordys (makeup) and Target (other stuff) Nails, Hair? I dunno what to do?....

    Nails was paid for cash... no proof....

    AND I think Im screwed - just received a $1300 bill from the IRS for back pay on a 1099 I didnt receive and totally forgot about... but the person sent it to them as reported but I never got a copy.

    Last thing I really need right now is an audit...

  2. #2
    Featured Member scorpio's Avatar
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    Default Re: Lost Receipts - Deductions

    dig out all of your bank statements and start going through them. it may be hard to remember. keep it "realistic" and you shoudl be ok.

    for the future you may want to consider getting to bank accounts. one for personal expenditures/bills and the other for work stuff only. that way if anything happens to the receipt, you can use the bank statement. it'll work if you can show that you do not mix business and personal expenses.

  3. #3
    Banned Melonie's Avatar
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    Default Re: Lost Receipts - Deductions

    also be aware that expenses that fail the 'housewife test' i.e. tanning, nails, makeup are arguably not legitimate business expense tax deductions, or at best they should not be deducted beyond 50% of the total amount spent (equals 50% personal benefit plus 50% business benefit), if you wish to avoid raising your 'audit profile'.

  4. #4
    AudreyLeigh
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    Default Re: Lost Receipts - Deductions

    Gonna go to the bank and open another bank account... so should I deposit all my earnings into one 'business' account and like give myself an allowance from that account into my personal account for household stuff/bills?

    Wow would that make it easier to keep track of stuff...

    OR would it be better to set up an LLC and give myself a "paycheck" weekly from my "business"? I dunno which is better? I DO Know that i need to figure it out soon as the years already started...

  5. #5
    God/dess VenusGoddess's Avatar
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    Default Re: Lost Receipts - Deductions

    Audrey, I just figure out how much Scorpio needs in his "business" account during each pay period. I move money over to cover any expenses he will have (gas, etc). Put the majority of your money in your bill paying account. Or, if you want, open a savings account and put enough money to pay your bills in one account, put enough to cover dancing expenses in the other and then put the rest in a savings. Every week, put money aside to "treat" yourself if you need to...but don't leave the majority of cash in one account and don't leave a lot of cash laying around the house.

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