Editor:
Scott Gottlieb, CPA
Assistant editor: Susan A. Maffetone, CPA
RECORD
KEEPING
It's
a good idea to keep track of your records throughout the
year. Your records can help you document the deductions
that you claim on your tax return.
One of the easiest ways, is to set up a file at the beginning
of the year and put the following documents in it.
Bills
Receipts
Invoices
Mileage logs
Canceled
checks
or
any other proof of payment, and any other records to
support any deductions or credits you claim on your
return.
In
case the IRS select your return for examination having these
documents available will help make the examination go more
smoothly.
Most
tax records should be kept for three years, but some documents
should be kept longer such as
records relating to a home sale or purchase, stock transactions,
IRA, business or
rental property — should be kept longer.
The
materials on this Web site are for informational purposes only and are
not intended and should not be construed as accounting advice. This
information is not intended to create, and receipt of it does not constitute,
a CPA-Client relationship. You should not act upon this information
without seeking counsel from a Certified Public Accountant
