taxes

[ando]

What if you get audited and you don't have all the receipts for expenses you declared in that year?

[ryan]

Without receipts, there is a reasonable chance they may disallow the expenses and your gross taxable income will then be higher.....and you will probably owe more tax, plus a penalty.

[andy158]

I got the dreadful audit letter last week. They are questioning my wife's travel expenses and gross reciepts. She gets paid on a 1099 and I have an entire bankers box full of reciepts. Save everything! We showed a significant travel expense because she drove over 30k miles last year. She gets reimburssed, but that comes off the gross reciepts because it is not "earned" income according to my accountant. If you can't show something like credit card statements, utility bills, buisness use of your home, etc., you will most likely have to pay.

Never claim anything you can't justify in some manner!

[Flamingo]

What if you get audited and you don't have all the receipts for expenses you declared in that year?

As the others have stated, without receipts you have no proof you actually had the expenses. You would be out of luck and would be disallowed the expenses. If you know exactly what the receipts are for and from, you can try to obtain duplicates if at all possible or if you used a credit card or debit card, the bank holding the account could possibly have back statements for that year.

[ando]

Without receipts, there is a reasonable chance they may disallow the expenses and your gross taxable income will then be higher.....and you will probably owe more tax, plus a penalty.

missing some receipts from 2007 how much penalty you think it will cost me?