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.

How long to keep your records

Normally, tax records should be kept for three years after the filing date. This means four years after the tax year. 
Some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property — should be kept longer.

Record Keeping Methods

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. You can keep your records electronically. The IRS is now accepting, and even requesting, your Quickbook files.

What to keep

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.

Who do you call?

Call Matis at  646-580-1099 for help with managing your tax records.

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