Tax Recordkeeping - Important Papers to Keep

Yes this topic is dull, dry and incredibly boring. However, these links to the IRS website and additional resources will help you decide what papers you need to keep to keep the IRS happy. IRS record retention requirements are very specific. Many credits and deductions not only require keeping itemized invoices and receipts but also logs, journals and ledgers. You are responsible for keeping these records and if you provide credit and deduction information to your accountant, they are assuming you are keeping the necessary tax records and support papers.

Recordkeeping Requirements for Digital Scanning and Storage

Rev. Proc. 97-22, 1997-13 I.R.B. 9. (PDF)

This is a must read if you are scanning and storing your tax records digitally. See page 10.

Tax Recordkeeping for Everyone

Additional Recordkeeping Requirements.

Prepare yourself. Theft, casualty, or disaster deductions require good recordkeeping.

Homeowners, even if you are not selling

    Moms, dads, grandparents or relatives with children and other dependents in the home

    Households with medical expenses (exceeding 7% of their income) and special needs individuals

      Individuals with educational expenses or saving for education

      Self-employed, entrepreneurs, own a rental property, or home office

      All you great people in the service industry who receive tips

        Teachers and educators who pay for their own classroom books and supplies

        Divorced or Separated Individuals

        Money management software helps you not only understand the cost of your spending and responsibilities, it is also a very good way to document your income and expenses to meet IRS requirements

        Need some help deciding which software will work best for you, read The Benefits of Using Personal Money Management Software

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