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Old 03-24-2013, 03:43 PM
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GreenBlue GreenBlue is offline
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I owned a small advertising company a few years ago, you should save every single receipt no matter what. Let me give you a little story as to why:

3 years ago a friend of mine owned a business, some receipts he saved and some he didn't. Will when it came time for his taxes some of his figures didn't add up and he fudged on his taxes because he couldn't figure out what the amounts were from receipts thrown out previously that year. Long story short, he got audited by the IRS, and since he couldn't provide a receipt for alot of transactions he ended up paying some hefty fines and the fines caused him to have to use a loan to pay which caused him to have to close his business.

Was the stupidest thing I ever heard, mainly because I told him save all of your receipts, and he'd be like it will be okay....yeah it was okay he got caught and lost his business from it. Never take any chances when you are dealing with business expenses and the IRS, because Uncle Sam will get you eventually.
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