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. Rideandrepair

    Rideandrepair Road Train Member

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    I do it the old fashioned way, Stuff envelope on a per mo. Basis, then quarterly, after sorting out fuel receipts, doing fuel taxes, I organize and record each mo. Then back into the envelopes, A few hours, every 3 mos. not bad. If audited, I doubt they’ll want to dig through very much, just spot check. But if they want to dig, it’s all there.
     
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  3. ncdriver1

    ncdriver1 Road Train Member

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    I give my accountant receipts if I have them or bank/CC statements with the business charges highlighted. I'll also total everything up by category for her to make it a little easier.
     
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  4. StrokerTSi

    StrokerTSi Medium Load Member

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    I use quickbooks online. Its linked to my business bank account, I select the category for each incoming or out going money ad what they were (income, repairs, food, taxes, etc). Then come tax time you can link your account for your accountant to look at anything in there. Dead simple for me as a one man band.
     
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  5. Dino soar

    Dino soar Road Train Member

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    QuickBooks is great.

    Do you scan the receipts themselves into something like neat receipts, or do you just save them in envelopes per month?
     
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  6. StrokerTSi

    StrokerTSi Medium Load Member

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    The quickbooks mobile app allows you to take pics of the receipts and match it up.
     
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  7. SteveScott

    SteveScott Road Train Member

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    I was attaching copies of receipts to transactions in QB for a while then finally gave up and just keep the receipts in a file sorted by month. If I ever get audited I can find a transaction receipt easy enough that way.
     
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  8. flood

    flood Road Train Member

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    I have a older nest receipts (free to use). Had my accountant set it up the way she wanted it. Every weekend I scan everything in. Then back up to a thumb drive.

    At the end of the year I just give her the thumb drive. Come back the next day and my taxes are done
     
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  9. Shotgun94

    Shotgun94 Medium Load Member

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    I think it’s a good idea to have a separate email account for just your online purchases like amazon, eBay, or Home Depot or Uber rides.
    Or forward all your old ones into that one email so not everything gets mixed up
     
  10. TallJoe

    TallJoe Road Train Member

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    I don't even save my receipts on the hard drive any more. I upload them to the One Drive - Microsoft cloud which comes with their Excel subscription. This way I don't worry about back ups and crashes. All the hard copies I keep in a 20 packet document case. Same thing with invoices, rate confirmations, BOLs. Easy to access from everywhere. I don't care if it ever is hacked... I am not NASA.
     
  11. Midwest Trucker

    Midwest Trucker Road Train Member

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    Quickbooks plus save all receipts in case of an audit.
     
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