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If I submit taxes via Turbo tax— claim business related

expenses... get audited and don’t...
If I submit taxes via Turbo tax— claim business related expenses... get audited and don’t have the receipts. Can I just say I don’t have the receipts and pay the tax, or would they that I lied on my tax return? I have expenses that were 100% real but don’t have the receipts, so just wondering what the penalty would be for submittingif they came back wanting receipts. I know not ideal, but weighing the options. Thanks
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Answered in 1 minute by:
3/11/2018
Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,114
Experience: Over 30 years of experience.
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Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

Ask Your Own Tax Question

Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

Receipts are great. If you have them that is the best evidence of your expenses.

BUT you are not required by the law to have receipts. The law requires that you keep "Records" of your income and your expenses.

It does not state what those records must be. Any recordkeeping system suited to your specific business is acceptable. But the responsibility to substantiate entries, deductions, and statements made on your tax returns is your obligation.

The best records are those that you create contemporaneously withthe activity that you are recording. That means you are making a record at or near the time of the transaction.

So if you have a log, or other record keeping that shows the expense, ansd other objective tangible evidence to support the log you may be okay in the event of an audit.

BUT receipts are better.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

Please do not forget to give me a positive rating. It adds nothing to your costs but helps me greatly. Thank you.

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Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,114
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