Welcome Guest. Register Now!  


For 2009 Tips for tax year 2009


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-12-2010, 05:17 PM
Samatg's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 291
Post Five Tips for Great Record-Keeping

There are many records you have that may help document items on your tax return. You’ll need this documentation should the IRS select your return for examination. Here are five tips from the IRS about keeping good records.
  1. Normally, tax records should be kept for three years.
  2. Some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property — should be kept longer.
  3. 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.
  4. 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.
  5. For more information on what kinds of records to keep, see IRS Publication 552, Recordkeeping for Individuals, which is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Links: Publication 552, Recordkeeping for Individuals ( PDF 61K )



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Why is 2008 considered a great time to purchase an auto vehicle for business? TaxGuru Auto Expenses 0 07-16-2008 01:20 PM
How to record self-payment sofla74 Sole-Proprietorship 1 05-31-2008 04:58 PM
IRS has some great news for Stock Traders! TaxGuru For 2008 0 04-25-2008 03:11 PM
Help With 1099 Sole Proprietor Tax Deductions and Record Keeping Keezee Income 1 09-28-2007 09:22 AM
Tax Tips for 2006 SusanB Miscellaneous 1 01-24-2007 02:21 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning