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.

  1. Normally, tax records should be kept for three years.
  2. Some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or
    rental property — should be kept longer.
  3. 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.
  4. 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.
This entry was posted in Individual, Taxation. Bookmark the permalink.

Leave a Reply