Posted on February 14th, 2014

You can of course save all of your receipts from various places which makes keeping them a chore, or you can use a charge card and keep those receipts with your monthly credit card statements and keep them in case of audit.

The most important thing regardless of whether you keep all of those little receipts, or use the credit card and complete the back of it is to be sure you list the following information in order to justify the expense in the event of an IRS audit:

1) Where you were – often on the receipt itself

2) What amount of the bill – often on the receipt itself

3) When it occurred – often on the receipt

4) Who you talk to by name – there is space for this on the back of the credit card receipt

5) What you talked about &  related to your business – there is space on back of credit card receipt

If you do this, you get the deduction no problem unless it is exorbitant or outrageous.