Canceled checks alone are not sufficient substantive evidence for allowable tax deductions. Please take care to retain NOT JUST charge card statements BUT ALSO the charge card sales sliip for each purchase. Also vendor invoices, not just statements, should be retained for the appropriate period. Especially sensitive are business meals and entertainment and travel and automobile expenses. The result of not retaining these types of records has been lost tax deductions. (SEE RECORDS RETENTION LINK ABOVE FOR A PRINTABLE LIST OF RECORDS TO RETAIN AND TIME FRAME)
