Irs publication 552 recordkeeping for individuals

Typically, expense documents are the most common documents requested.

IRS Tax Tip Tips for Managing Your Tax Records

Charitable contributions need a document showing the name of the organization, the amount, and the date of the contribution. Contributions of personal property require a written receipt from the organization showing a reasonable description of the property; and you are responsible for identifying the fair market value of the property contributed.

Deductible child care expenses need to be supported with the name, address, and taxpayer identification number Social Security Number or federal tax number for all persons and organizations that provide care for your dependent s. Employee and business expenses are deductible when they are ordinary and necessary, while not being extravagant.

The most often audited business expenses are vehicle expenses, meals, entertainment, cell phone, travel, and office-in-home expenses. Good records for these expenses include:. A good recordkeeping system can be in many different forms.

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It is important to establish a system that is efficient and easy for you to use. The content is provided for information purposes only.

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What do you think about this particular story? Therefore, the Privacy Rights Clearinghouse has compiled a guide on document retention and destruction tips to help protect your privacy.

Translating taxes into money-saving English

In addition to correctly storing and destroying tax records, Tax Day is a good reminder to review your general recordkeeping practices. What records do I need to keep for tax purposes? You should save any records that support items shown on your submitted tax return.

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  7. When in doubt, ask your accountant, attorney or tax preparer. Also, save any records that may be needed for future tax returns, especially records relating to any property you own. For example, keep receipts of home improvement projects so that when you sell your home, you can calculate the capital gains tax. How long should I keep my tax records?

    The general rule is three years, because the IRS can audit your return within three years of its filing date.