Tips for managing tax records
The IRS has listed some tips for managing tax records. After you file your taxes you should document your records for at least three years in case of an audit or just for references. Records are not required to be kept in any particular manner by the IRS, but records may have an impact on federal returns.
You should keep records of things like receipts, credit card bills, invoices, mileage logs, images of checks, bills, and any other records of transactions or payments. You must be able to back up your claimed deductions with proof including receipts.
More details below in this brief release by the IRS:
After you file your taxes, you will have many records that may help document items on your tax return. You will need these documents should the IRS select your return for examination. Here are five tips from the IRS about keeping good records.
- Normally, tax records should be kept for three years.
- Some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property — should be kept longer.
- 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.
- 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.
- 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 http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).