Keeping Good Records
In a tax emergency, would you be ready? Well–organized records not only help you prepare your tax return. They also help you answer questions if your return is selected for examination or prepare a response if you are billed for additional tax.
Fortunately, you don’t have to keep all tax records around forever. There are laws known as statutes of limitations that impact how long you must keep receipts, canceled checks, and other documents that support an item of income or a deduction on your return.
Publications are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Links:
IRS Publication 552, Recordkeeping for Individuals.
IRS Publication 583, Starting a Business and Keeping Records
IRS Publication 463, Travel, Entertainment, Gift, and Car Expenses
Internal Revenue Service
In a tax emergency, would you be ready? Well–organized records not only help you prepare your tax return. They also help you answer questions if your return is selected for examination or prepare a response if you are billed for additional tax.
Fortunately, you don’t have to keep all tax records around forever. There are laws known as statutes of limitations that impact how long you must keep receipts, canceled checks, and other documents that support an item of income or a deduction on your return.
Publications are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Links:
IRS Publication 552, Recordkeeping for Individuals.
IRS Publication 583, Starting a Business and Keeping Records
IRS Publication 463, Travel, Entertainment, Gift, and Car Expenses
Internal Revenue Service
posted by Milt Baker CPA | 9:07 AM
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