Managing Your Tax Records After You Have Filed

Guest blogger, Michael A Visco, EA, ATA - Accounting professional for over 30 years located in Phoenix, Arizona specializing in Personal and Corporation Accounting, Taxes, Estate Planning, Setting up of new Business, Bookkeeping, Finance, Management Advisory Services, and IRS Representation. Currently servicing clients in the following states, NY,NJ,CT,FL,CA,CO,FL and AZ

Here is some good information with regard to keeping your records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are five tips 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 on the IRS website at www.irs.gov.

If anyone has any questions regarding the information above please call me.