PDF : Tax Records Checklist

{want it? click it. download is a blank fillable pdf}

Create a Tax Records Checklist as a starting point for establishing your Everyday file. Your Everyday File prepares you beautifully for tax time. It give your tax support records a temporary home. It could be as simple as five categories, using binder clips to organize the internal subjects. If you prefer more structure, add subject file folders. Below is a list of the most common expenses and statements to watch out for.

Everyday

• Tips
• Paystubs
• Unreimbursed Employee expenses
• Job Hunting expense
• Educational expenses
• Educator expenses
• Adoption expense records

Wealth

• Alimony Paid or Received
• Child Support Paid or Received
• Bank statements
• Credit card statements
• Investment statements
• Investment Buy/Sell Confirmations*
• Retirement statements
• Health Savings Account statements
• Insurance statements

Wellness

• Medical and Dental expenses
• Child and Dependent Care expenses
• Charitable contributions and Volunteer records

Home

• Mortgage Interest statements
• Property Taxes statements
• Home improvement expenses*
• Casualty, Disaster, and Theft
• Moving Expenses (if job related)
• Settlement/Closing Statement* (if new homeowner)

Fun (interests)

• Gambling or Lottery records
• Business
• Business Use of Home Records (could be utilities and maintenance records)
• Business Use of Car (mileage logs and maintenance records)
• Business Travel expenses
• Business Entertainment expenses
• Business Bank Account statements
• Business Expenses
• Self Employment records

IRS publication 552 - Record-keeping for the Individual is the official go to for getting a good idea about what type of records you need to keep for the deductions you are taking. It now includes a section dedicated to electronic record-keeping. Frankly I still find it vague and a little confusing. But it is what it is. You have to trust your gut when it comes to how you deal with your digital info.

There is one statement that really caught my attention.

"One of your basic records is proof of payment. You should keep these records to support certain amounts shown on your tax return. Proof of payment alone is not proof that the item claimed on your return is allowable. You also should keep other documents that will help prove that the item is allowable.”

So, please take a minute to review IRS publication 522 Record-keeping for the individual You need to be collect all the documentation required to support your deductions and credits.

Just a note, items I marked with an * are considered vital documents. After tax time they should be placed in your vital file for long-term safe keeps.