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?
Public Comments
- Yes if you have a receipt.
- 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.
- If you have the receipts, you're OK.
- This year all deductions for 2007 must have a receipt.
- as long as you have receipts then you can deduct it
- You only need receipts.
Powered by Yahoo! Answers