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The Value of Keeping Good Records
You can avoid headaches at tax time by keeping
track of your receipts and other records throughout the year. Good
record-keeping will help you remember the various transactions you made
during the year, which in turn may make filing your return a less taxing
experience.Records help you document the deductions you’ve claimed on
your return. You'll need this documentation should the IRS select your
return for examination. Normally, tax records should be kept for three
years, but 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:
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- Bills
- Credit card and other receipts
- Invoices
- Mileage logs
- Canceled, imaged or substitute checks or any other proof
of payment
- Any other records to support deductions or credits you
claim on your return.
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| Good record-keeping throughout
the year saves you time and effort at tax time when organizing
and completing your return. If you hire a paid professional to
complete your return, the records you have kept will assist the
preparer in quickly and accurately completing your return. For
more information on what kinds of records to keep, call DAF
Associates, Contact Us or
see
IRS Publication 552, Recordkeeping for Individuals.
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