Can I use my Credit Card Statement s proof for IRS?

Hi,
I know that normally IRS wants receipts of stuff, instead of a credit card statement. But, what I am wondering is for services that could really only be recognized as business expenses that come out of the credit card, what about those.

LIke I have a monthly reacurring charge from Blue Cross, and I have a monthly reacurring charge for Paypal Payment System. These types of things, that I never really have receipts for. Can the statement vouch for that?

Well, you're mixing two different entities here. And there are some bad answers given to you.

YES, credit card and bank statements ARE valid documents for the IRS, with a caveat.

FIRST, always keep commerical (business or employment) accounts SEPARATE from your personal expenses ! ! ! ! ! ! Have one credit account for your personal use, one for your employment, and one for your business if you have one, and never mix the use of those accounts ever!

SECOND, the expenses listed on each statement is a valid form of IRS record in relation to the payments that you make. The problem is, the bank statements do not list what the transaction was for... okay, a restaurant, but it does not say WHERE the restaurant was or for what purpose your expense was for. For that, you need to keep a log book with the correct date, time, location, business name, amount, and purpose in consecutive order in a way that you can show you did not alter the records--such as by having a loose-leaf notebook record that pages can be inserted or taken out!

THIRD, banks are not required to keep receipts, they can enter them into electronic form and dispose of the receipt. More commonly, the point of origin is an electronic data entry system (such as for a credit card) and there are no receipts! The banking laws say that a financial institution DOES NOT NEED TO PROVE their record with any document, if your bank says you put a $500 charge on your account, it is YOUR repsonsibility to prove the charge is improper, but, the bank does not need to accept your word and records on it! Now I know what the propaganda is in this country about being able to challenge debts not your own on your credit card account, and many credit companies will accommodate your verified presentation of documentation if such exists.... BUT THE BANK DOES NOT HAVE TO ACCEPT EVEN ACTUAL FACTUAL DOCUMENTS THAT SHOW YOU DID NOT INCUR THE DEBT !!!!!!!!!!!!!!! I did not make that up, it happened to me with Bank of America, and the actual amount I did not charge was for $500 !!!!!!!

No. Credit card statements do not give all of the necessary information. They only show who was paid, how much, and when. They do not show WHAT was paid for and that's critical to preserving any deduction. They might suffice when taken in conjunction with an invoice for the services or a copy of a contract for the services but on their own they are not sufficient proof.

You must be planning on filing the long form and itemizing but your question can best be answered by IRS or a professional tax preparer.

based upon my own experience,here is a good resource that I have good luck with and would like to share with.http://creditcard.expertips.info/capital...