is a bank statement good enough for taxes or do you need receipts?

Discussion in 'Ask An Owner Operator' started by Shotgun94, Oct 11, 2019.

  1. Shotgun94

    Shotgun94 Medium Load Member

    405
    182
    Sep 24, 2017
    Georgia
    0
    Such as for ones profit and loss would a bank statement work?

    So many dang receipts need to track them better.
     
    Old Man Thanks this.
  2. tnevin225

    tnevin225 Road Train Member

    1,040
    1,358
    Jan 1, 2014
    0
    No it won't. You need to get some software and get working on those recites. I use Profit gauges from Letstruck.com. You may want to contact ATBS thy might be able to guide you on this.
     
    blairandgretchen Thanks this.
  3. Final Drive

    Final Drive Medium Load Member

    468
    388
    Jan 21, 2015
    0
  4. Shotgun94

    Shotgun94 Medium Load Member

    405
    182
    Sep 24, 2017
    Georgia
    0
    I saw an older thread about this same question.
    Now I am trying to figure out a good an easy and simple way to store all my data in case my pc doesn’t crash on me or get mixed up with other files unrelated.
    Maybe a separate computer? So many services selling but I don’t think it’s really needed for just one truck
     
  5. Final Drive

    Final Drive Medium Load Member

    468
    388
    Jan 21, 2015
    0
    That's easy while im working, I use a business card and put all my expenses on it..
     
    Opendeckin Thanks this.
  6. ReneJRR

    ReneJRR Bobtail Member

    38
    7
    Jan 14, 2017
    0
    Foreceipt is what i use to keep all my receipts is a app for iPhone or android.
     
  7. snowwy

    snowwy Road Train Member

    16,591
    8,263
    Jul 6, 2009
    0
    I was thinking of a card for fuel. Another card for expenses.

    Thumb drives are cheap backups. Maybe even a cloud service.

    I like the excel that dieselboss offers. But you do have to buy it every year if you want to keep the dates in order with the days. But it's fairly cheap. And works with googles free office program called openoffice. There's a linux app that also works on windows. I forget the name of that one.
     
  8. Ridgeline

    Ridgeline Road Train Member

    15,171
    56,860
    Dec 18, 2011
    Michigan
    0
    Yes keep all receipts, record all expenses and do it right.

    Recording them can be on paper, with some software or a simple excel spreadsheet.

    If you get into an audit, having your records organized and recorded makes the auditor's job easier and making it easier makes your life easier.
     
  9. Rubber duck kw

    Rubber duck kw Road Train Member

    3,467
    7,418
    Dec 9, 2017
    0
    The easiest way to back them up in case your computer crashes is keep the physical copies. One envelope is one month of receipts, you'll need the physical copy in an audit anyway I'm sure.
     
  10. flood

    flood Road Train Member

    2,928
    1,690
    Dec 25, 2010
    0
    per irs scanned copies are fine..
     
    Opendeckin and otherhalftw Thank this.
  • Draft saved Draft deleted