Receipts Really Necessary?
Question: If I don’t have receipts what is your recommendation on deducting or not?
Answer: Fair and reasonable estimates based on actual events and transactions are permitted as long as a lack of receipts is not habitual.
Please note that credit card and debit card transactions listed on monthly bank and credit card statements can be used in lieu of a lost receipt.
And if you write a fair number of checks rather than pay by electronic means, then make certain you receive an optical image of each check from your bank with your monthly statement. A small service fee may be charged but it’s worth the outlay.
