Question

I own a business and all of my receipts burned in a fire. How do I move forward with filing taxes?

Forum|Forum|1 year ago
February 25, 2025
1 reply
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My home burned in Eaton Canyon Fires and all of my business files burned. Can I guesstimate what my profit/loss was under these circumstances?

V

Vanessa A

No. You are not allowed to guestimate your expenses. However, you could contact your banks and credit card companies and even the stores you purchased from to get the numbers for your expenses. They may not provide detail receipts, but the banks and credit card companies would be able to show you what you spent and where which would be proof for the IRS if needed.

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