Every year people spend hours searching madly for those few missing receipts that will substantiate a tax deduction. An IRS audit is a real fear in the United States, one that is portrayed in television shows as a horrific experience. But did you know that receipts aren’t always a requirement when proving your deductible expenses? Thanks to past Broadway pioneer George M. Cohan, who paid in cash and fought the system when they denied his claims, we have the Cohan Rule. Not the easiest rule to use, you might wind up in court, but good to know in case you ever end up in this situation. Still, probably better to just keep saving your receipts.
