Thursday, April 22News That Matters

Business Purchase Receipts

I placed an online order for some parts at Lowe’s and paid with my business credit card. I received all the parts except an incorrect part in place of one of them. I’m wondering if it would simplify my tax deduction preparation to simply return the entire purchase, then purchase all the items again for a new receipt. I feel like it would be overly complicated to have to take receipts come tax time and add up all the receipts and then subtract the refund I get by returning one part. This is my first year running my business and I’ve never done taxes and accounting like this before.

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