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Q: Why is it important to keep records and receipts for expenses you plan on deducting on your taxes?
A: Keep records of all your current year income and deductible expenses. These are the records that an auditor will ask for if the IRS selects you for an audit. [ Here's a list of the kinds of tax records and receipts to keep that relate to your current year income and deductions: Income (wages, interest/dividends, etc.) Exemptions (cost of support) Medical expenses Taxes Interest
Charitable contributions Child care Business expenses Professional and union dues Uniforms and job supplies Education, if it is deductible for income taxes Automobile, if you use your automobile for deductible activities, such as business or charity Travel, if you travel for business and are able to deduct the costs on your tax return While you're storing your current year's income and expense records, be sure to keep your bank account and loan records too, even though you don't report them on your tax return. If the IRS believes you've underreported your taxable income because your lifestyle appears to be more comfortable than your taxable income would allow, having these loan and bank records may be just the thing to save you. How long should I keep these records? Keep the records of your current year's income and expenses for as long as you may be called upon to prove the income or deduction if you're audited. For federal tax purposes, this is generally three years from the date you file your return (or the date it's due, if that's later), or two years from the date you actually pay the tax that's due, if the date you pay the tax is later than the due date. For some states, you should keep your records for four years. Should I keep my old tax returns? If so, for how long? Yes, keep your old tax returns. One of the benefits of keeping your tax returns from year to year is that you can look at last year's return while preparing this year's. It's a handy reference, and reminds you of deductions you may have forgotten. Another reason to keep your old tax returns is that there may be information in an old return that you need later. ]
Deedeeham|Points 5|
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Asked 5/20/2011 12:34:25 PM
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