06/13/2026
๐ Did you know that your monthly bank statement is not actually a receipt? A bank statement only shows that money left your account, but it does not prove to the IRS exactly what items you bought for your business.
โฃ
๐ Because a real receipt lists the specific details, like the item names, quantities, and sales tax. If you buy a laptop and a video game at the same store, your bank statement only shows the total dollar amount, not what was for work.
โฃ
๐ If you get audited by the IRS or Alabama Dept of Revenue and only have bank statements, they CAN disallow your business deductions and stick you with a surprise tax bill. Keeping the actual receipt or invoice is the only way to protect your hard-earned write-offs.
โฃ
๐ฒ Ready to make sure your business expenses are fully protected and tax-ready? Call us today to get your accounting set up the right way.
โฃ
๐ Goldsmith Business Solutions
๐ฐ Accounting, Payroll and Tax
๐ 316 S McKenzie St โ Suite 125 โ Foley
๐
By appointment only
โ๏ธ (251) 313-1404