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 less, well, taxing.
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:
- 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
Good record-keeping throughout the year saves you time and effort at tax time when organizing and completing your return.
{ 31 comments }
Thank you for your help! I am going to keep much better records now!
Thank you, this was very helpful to my QuickBooks, I am really fan of your blog.
Wow! Thank you! Great info and guidance! I will keep better records here on.
You made some good points there. I did a reevaluation of my own business records and filing. Thanks!
Its just common sense! Keep good records!
Wholeheartedly concur – keep good records, always!
Thank you for this informative primer. Good record keeping NOW!
Hi, i just thought i’d post and let you know your blogs layout is really messed up on the K-Melonbrowser. Anyhow keep up the good work. Good record keeping is very important to a business’s success.
Thank you for this gem of a post. Good record-keeping is so important.
Mea culpa, I used to keep very poor records, but I’m getting better. Thanks!
Good piece on records keeping.
There is obviously a lot more to know about keeping good records, but you made it simple..
Great primer on keeping good records – das is goot!
Thanks for the post on record keeping, very helpful, keep posting good stuff!
Wow! what great ideas for getting and staying organized!
Thank you for helping me ORGANIZE LOL!
I’ve recently started a business and the small business and quickbooks information you provide on this site has helped me tremendously. Thank you for all of your time and work.
Wow! I did my records are organized, thanks!
What a great tip sheet on keeping good records and why. I actually straightened mine out thanks to your post.
Aw, this was a really nice post. In thought I want to put in writing like this moreover – taking time and precise effort to make an excellent article… but what can I say… I procrastinate alot and certainly not seem to get something done.
This is so true. My records were a rats nest of papers until I learned to focus my organizational skills.
Keep good records! nuff said! LOL
Hi – really good site you have established. I enjoyed reading this posting. and now my records are better kept using your system. I did want to publish a remark to tell you that the design of this site is very aesthetically pleasing.
Thank you for your feedback and compliment, Mr. Reptile.
Keeping good records for at least 3 years, I believe, is mandatory, but what do you do after that? Shred them? Scan them?
Awesome job on the blog, thanks!
Thanks a lot for your concern and also attempts! This stuff on your own internet site will be very good. Moreover My partner and i significantly appreciate the ideas. In my position they’re critical details. Nevertheless thanks a lot. Fantastic read.
I added your blog to bookmarks. And i’ll read your articles more often! Before this, it would be possible for the government to arrest you just based on whatever you were saying, if they didn’t like it.
I was wondering if you ever considered changing the layout of your blog? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having one or two images. Maybe you could space it out better?
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