posted Apr 12, 2011, 6:40 AM by Unknown user
Tips for Managing Your Tax
Records
After you file your taxes, you will have many
records that may help document items on your tax return. You will need
these documents should the IRS select your return for examination. Here
are five tips from the IRS about keeping good records.
- Normally, tax records should be kept for three years.
- Some documents — such as records relating to a home purchase
or sale, stock transactions, IRA and business or rental property —
should be kept longer.
- In most cases, the IRS does not require you to keep records
in any special manner. Generally speaking, however, you should keep any
and all documents that may have an impact on your federal tax return.
- Records you should keep include bills, credit card and other
receipts, invoices, mileage logs, canceled, imaged or substitute
checks, proofs of payment, and any other records to support deductions
or credits you claim on your return.
- For more information on what kinds of records to keep, see
IRS Publication 552, Recordkeeping for Individuals, which is available
on the IRS website at http://www.irs.gov or by calling 800-TAX-FORM
(800-829-3676).
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