Abacus expense8/19/2023 ![]() Contact us today by calling 41, or visiting our website at www.abacustrucking. Abacus, the real-time expense reporting and management solution, has been acquired by Portland, ME-based Certify Group. We are here to serve you and your business. Abacus™ professionals provide leadership by relentlessly pursuing the best guidance possible so those we serve can make smarter decisions. We believe that our employees and clients deserve to interact in an environment that fosters growth, trust, and confidence. In addition, you can disregard your receipts for personal meals while you are on the road.įor any additional questions regarding your business expenses or record keeping, please contact our office at 41 or visit us at At Abacus ™ CPAs, our focus is you! Contact us today if you need help or more information on this valuable topic. For any items you include with your per diem expense for food, beverage, and personal hygiene items, you are not required to keep receipts for these items. If you pay for a data storage device (printer/scanner) or program (examples: Google Drive, Dropbox, Smart Receipts), you can also include this expense on your profit-and-loss.įinally, there are some exceptions to the IRS receipt rules. ![]() There are several programs to choose from, so find what works best for you. Access your Abacus to track expenses from anywhere CAPTURE ACCURATE EXPENSE DATA FROM EMPLOYEES Abacus drafts expenses using reliable data sources such as. Some folks may use a scanner, an app, or some other form of technology to ensure that they have digital records. Employees can submit expenses for reimbursement in Abacus. However, per the IRS rules, they ask that you maintain your records for at least seven years! Digitizing these records can help you stay organized and ensure that you have a lasting copy. Second, the IRS does accept digital copies of these receipts as records. ![]() You should have a record for all purchases on your business’s profit-and-loss statement (Schedule C). What are the IRS rules regarding keeping receipts?Ībe says: There are a few things to keep in mind when keeping a record of your expenses for your business.įirst, you keep receipts for anything ordinary and necessary for your business. Hi Abe! I have a TON of receipts on the truck I am keeping as an independent contractor.
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