what can i claim on tax without receipts

what can i claim on tax without receipts

1 year ago 37
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While it is always best to keep receipts for tax purposes, there are some deductions that can be claimed without them. Here are some examples:

  • Home office expenses: If you use your home as an office, you can deduct a portion of the rent, utilities, and property taxes as a business expense.

  • Cell phone expenses: If you use your personal cell phone for work-related purposes, you can deduct a portion of the bill.

  • Vehicle expenses: If you use your personal vehicle for work-related purposes, you can deduct the cost of gas, repairs, and depreciation.

  • Travel or business trips: If you travel for work, you can deduct expenses such as airfare, lodging, and meals. Although these deductions don’t technically require receipts, you should still have copies of credit card statements and airfare if you need to prove these expenses.

  • Self-employment taxes: Workers who are self-employed are required to pay Medicare and Social Security taxes which are commonly referred to as the self-employment tax. You can deduct half of these taxes from your total income and there is no receipt required as the IRS will already know if you paid these or not.

It is important to note that while receipts are not always required for these deductions, you should still keep some form of documentation to support your claims. This can include bank statements, credit card statements, canceled checks, invoices, bills, account statements, purchase and sales invoices, contracts, transaction histories, duplicate records from vendors and suppliers, and calendars showing travel expenses and client meetings.

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