Sorry I forgot to post this yesterday – No receipt is required for entertainment, overnight travel and listed property if the expense is less than $75.Just remember that even though a receipt isn’t required, you need to still document by journal or log the ususal ‘who, where, when, why and how much’ as far as entertainment and meals goes. In the list for travel and listed property, the who would be the hotel or airline or the item purchased. Just because the receipt isn’t documented doesn’t mean the other documentation isn’t needed for a deduction.
Brian’s Financial Musings
A final note on the debt ceiling (I hope). Despite the fact I believe a deal will be made before August 2, this reminds me of a guy who has maxed out all of his credit cards and now can only pay his mortgage by getting an increased line on this same card. What would a bank do? Tell him no and then the guy would have to sell something or get forclosed and probably declare bankruptcy. By doing this the government is really sending the wrong message in that instead of trying to balance their budget, they are just getting permission to borrow more. It is going to have to stop sometime. This is why most governments (U.S., City, State and foreign) have all the financial problems they are having – spending more than they bring in and instead of staying in balance trying to find a way to spend more.
Brian’s FInancial Musings
This week the blockbuster event of the year . It all ends it says. Who will triumph? Good versus evil. May the best magic win. Love, hate and what the future holds. You think I’m talking about ‘Harry Potter and the Deathly Hallows pt 2′? No, no, no I’m talking about whether Congress will raise the US debt ceiling or not.Who cares about a stupid movie? (Actually we saw it Tuesday night and I thought it was the best of the series; my wife disagreed). This is much more important – real life. (or is it?). We have as many magic tricks and villians and heroes (and dupes) here as anywhere else.August 2 has as much disasterous implications as June 30 did – when Quanitiative Easing 2 stopped. Remember when the stock market dropped 500 points and the dollar became worthless and inflation doubled because the US stopped buying it’s Treasury debt. Oh wait, that’s right, nothing really happened, did it? Oh well, that couldn’t happen again, could it? I don’t know, but I’m sure a deal will be struck at the last hour to avert disaster, just like in the movies (or it won’t.) Exciting, isn’t it?I guess we [...]