Ever wonder how the 1% live? For most of them, it’s not all about caviar, yachts, and champagne.

There was an interesting study published by the IRS that sheds light on the financial characteristics of the 1 %.

Some of the points in this article, help debunk the stereotypes of what the “Lifestyles of the Rich & Famous” and MTV Cribs portrayed.

For most of them, it’s not all about caviar, yachts, and champagne.

Instead, the 1% are likely to have large cash balances on hand either in the way of cash equivalents or liquid investments such as treasuries or a mixture of corporate or municipal bonds.

Also, their homes, are relatively modest when compared to the percentage of home value when compared to their income.

Ever lost or misplaced a receipt but, still want to claim the business expenses?

Here’s a good read on how the IRS views that situation. 

But just in case you don’t click through to the article, here’s a summary…

There are court cases involving the IRS, where claiming a business expense without a receipt was allowed by the court when challenged. 

But before you think you can trash most of the support for your write-offs, there a few categories of expenses where you’ll absolutely need the receipts as supporting documentation.

When in doubt it’s better to have the receipt. 

If you’re still using a shoebox, there a few tech tools that I can recommend to you that will track and sync your expenses with your accounting software.