General Tips Offered by IRS

Here are some tips offered by the IRS:

  • Generally, you should retain all documents that impact the tax return, and it is helpful to store the information in a central location.
  • The following records should be retained by individual taxpayers for at least three years:
  • Bills, credit card and other receipts, and invoices
  • Mileage logs
  • Canceled, imaged or substitute checks, or any other proof of payment
  • Other records that support deductions or credits
  • Records relating to property should be retained for at least three years after the property is sold or disposed. Examples include:
  • Homes and improvements
  • Stocks and investments
  • IRA transactions
  • Rental property
  • Small business owners must keep all employment tax records for at least four years. The following documents should be retained by the small business owner:
  • Gross receipts: cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips, and Forms 1099-MISC and 1099-K.
  • Proof of purchases: canceled checks, cash register tape receipts, credit card sales slips, invoices, account statements and petty cash slips.
  • Documents to verify assets: purchase and sale invoices, real estate closing statements, and canceled checks.

Please contact us for more information.

 

 

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