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Estimating on your taxes



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amother
Lemon


 

Post Thu, Feb 09 2017, 10:42 pm
I have a work from home job that I get paid with a 1099-misc.

I am trying to claim maximum deductions.

Does everything have to be calculated down to the penny or is it okay to estimate?

Example, do I have to add up every cent I spent on rubber bands, pens, paper etc?

Also I know how much approximately I spend on computers and equipment, does the number have to be exact?

I do have receipts but very time consuming to go back and add up each one.

(Unfortunately I did not keep very detailed books during the year, this is a side job, not my main income.)
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amother
Teal


 

Post Thu, Feb 09 2017, 11:20 pm
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and
accurately list all amounts and sources of income I received during the tax year.


When you sign your return - you make that declaration. Govern yourself accordingly.
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amother
Bronze


 

Post Thu, Feb 09 2017, 11:46 pm
You are supposed to add up your receipts
If you get an audit they want every penny accounted for. Estimates are not ok.
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