How much do you typically expense per year from what you actually buy? For instance, all my income is from "self employment" and 1099's but going through using TurboTax I'm a bit nervous I'm throwing up a red flag for AUDIT ME!
I have everything itemized from bank/charge online receipts (i.e. date, store, total) and anything I paid cash or can't find the receipt, I didn't include. These are from BofA checking accounts and Amex charge card. I have a lot in the "supplies" category from shopping at Walmart, Target, etc.
So do you use 100% of what you buy or do you estimate about 50% or so?
Personally for me, I'm not using 100%. An accountant that I talked to a few weeks ago said use everything that you have a receipt (electronic) for if you get audited, you can show them what you bought. However, in the case that I do, I don't want to show the auditor "yeah, see this total of $5,000 I spent at Target last year, it was all for expenses, but I dont have exactly what it is"
