Thursday, August 19, 2010

Federal income taxes; Can I deduct things paid for in cash?

I run a small home based business. Can I write off supplies paid for in cash if I have the receipt, or do I need a cancelled check /bank statement AND the receipt for a deduction?

Federal income taxes; Can I deduct things paid for in cash?
as long as you have receipts then you can deduct it
Reply:If you have the receipts, you're OK.
Reply:The form of payment doesn't matter. Receipts do.





You could trade frozen pizzas for your office supplies and as long as you had a receipt that showed the value of the items exchanged you'd be fine.
Reply:You only need receipts.
Reply:Yes if you have a receipt.
Reply:This year all deductions for 2007 must have a receipt.

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