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04/14/2014

Tax Records You Must Save

Federal and state tax officials provide a long list of records that you should keep to support claims made on tax returns.  Records help you identify income sources , keep track of expenses, keep track of the basis of property, and prepare individual and business tax returns.

Here is a list of the basic records you should save along with your tax return:

1. Income Statements

Tax documents file       *Form(s) W-2

       *Form(s) 1099

       *Bank statements

        *Brokerage statements

        *Schedule(s) K-1

2. Expenses

        *Sales slips

        *Invoices

        *Receipts

        *Canceled checks or other proof of payment

        *Written communication from qualified charities

        *Individual credit card charge slips (the statement may not be acceptable)

3. Home Ownership and Improvements

        *Closing statement

        *Purchase and sales invoices

        *Proof of payment

        *Insurance records

        *Receipts for improvement costs

4. Investments

        *Brokerage statement

        *Mutual fund statements

        *Form(s) 1099

        *Form(s) 2439

If your tax returns contain more specific claims such as deductions for the business use of a home, child care credit, and the like, the IRS has more specific records requirements.

To find out more about how long you should save these records, check out our blog: Guidelines for Saving Tax Records, Returns and Receipts.

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