LinkedIn Post — Day 10: Small Business Receipt Rules
Professional B2B Angle
Small business owners: These 5 receipt rules could save your business $5K in legitimate deductions.
Most business owners I talk to are LEAVING money on the table because their documentation doesn’t meet IRS standards.
Here’s what the IRS actually requires:
Rule 1: The 4-Part Receipt
Every receipt needs: Who (vendor), What (items), When (date), How Much (total). Thermal receipts fade in 6-12 months. Digitize immediately.
Rule 2: Business Purpose Documentation
“Client lunch” isn’t enough. You need: who you met with, business topic discussed, and business relationship.
Rule 3: Meals Are 50% Deductible
Business meals with clients? 50%. Meals while traveling? 50%. Track correctly or the calculation breaks.
Rule 4: Home Office = Square Footage
The IRS calculates: Office sq ft ÷ Home sq ft = % of home expenses deductible. No measurements? No deduction.
Rule 5: Vehicle Needs a Mileage Log
67¢ per mile (2025 rate) — but ONLY with contemporaneous documentation. Estimates don’t hold up.
Miss any of these? The IRS can deny the entire deduction.
20 days until Tax Day. Every receipt you properly document today saves money tomorrow.
What’s your current system for tracking business expenses?
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