Tax
Apr. 13, 2011
Sometimes, Tax Receipts Are Optional
Under the "Cohan Rule," taxpayers may not need receipts to claim a tax deduction for certain expenses.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
At tax time, you may find yourself scrambling for receipts, looking in file folders, in drawers, and these days, in your e-mail inbox. In general, receipts and proof in tax matters are critical. In fact, the Internal Revenue Code and the Treasury Regulations are full of substantiation requirements. Receipts, invoices and cancelled checks count big time.
Sometimes, though, the lack of a receipt may not prevent you from claiming a deduc...
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