Compiling and Hurricane-proofing Tax Records

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Summertime is the best time to start compiling your tax documents in preparation for tax returns, says the IRS. In a recently released statement, the IRS said that accurate and complete records “not only [makes] preparing your return easier, but may also remind you of relevant transactions, help you prepare a response if you receive an IRS notice or substantiate items on your return if you are selected for an audit.”

You should keep aside all documents relevant to your federal tax returns in a designated place and do so for at least 3 years. Among the documents you should keep aside are invoices and official receipts, bills, mileage logs, check buds and credit card statements and even canceled or scanned checks that show proof of payment.

If you own your own business, you should keep employment tax records of 4 years or more, together with official receipts (both your own and your vendors’), proofs of payments, documents to claim business expense tax deductions and documents to prove the value of your assets.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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