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It’s easy to do – open the petty cash box or the cash drawer and pull out a couple of twenty dollar bills. The IRS does not require a receipt for purchases under $75 – so it’s an OK practice if you don’t always have a receipt – right?
Looking at a pattern of spending may lead to exploration of new vendors for services, shopping for office supplies online and other time saving tasks that cost a business owner more than the amount on the receipt.
Although amounts may vary, for this example … twice a week cash is pulled from petty cash or the cash drawer totaling $110 per week. Failure to keep and record all cash receipts may leave you with an incorrect or incomplete picture of your company’s financial situation.

The Paxton Bookkeeping Tax Tips Newsletter provides subscribers with valuable free information, tips, and resources for maximizing your business. Fileshare *NOTE: This fileshare system only supports Internet Explorer or Firefox browsers. A quick trip to office supply store, the Strip District or Restaurant Depot to pick up a few things and it’s back to business.
The first expense was for $50 the second expense was $60 – both under the $75 required by the IRS for a deduction. It can also lead to faulty accounting, frivolous or wasteful spending, or theft by unscrupulous employees.

If you did that every week the monthly amount could total $440 and a yearly amount of cash would be as high as $5,280. Although not required by the IRS, making a practice of not keeping receipts for small purchases can add up and deductions may be missed. Without documentation as to what these expenses are for, it is easy to miss these business deductions.

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