Posted On: June 6, 2012 by Mitchell A. Port

Record Keeping For Individuals

Now that tax season is over, what should you do? You would have lots of paper documents – bank and credit card statements, cancelled checks, check stub, invoices, receipts, dividend and bonus statements, payment slips, tax forms, mileage records etc – you would have used or referred to for your income tax filing.

The IRS provides answers to this question in one of its publications at this link. This publication does not discuss the records you should keep when operating a business. For information on business records, see Publication 583, Starting a Business and Keeping Records.

Some of the topics covered in the IRS's publication are about the following:

Why Keep Records?

Identify sources of income.
Keep track of expenses.
Keep track of the basis of property
Prepare tax returns
Support items reported on tax returns

Kinds of Records To Keep

Electronic records.
Copies of tax returns.

Basic Records

Proof of Payment

Specific Records
Business Use of Your Home
Casualty and Theft Losses
Child Care Credit
Credit for the Elderly of the Disabled
Education Expenses
Employee Business Expenses
Energy Incentives
Gambling Winnings and Losses
Health Savings Account (HAS) and Medical Savings Account (MSA)
Medical and Dental Expenses
Mortgage Interest
Moving Expenses
Pensions and Annuities
Sales Tax on Vehicles

How Long To Keep Records

For tax help and problem solving, call tax attorney Mitchell A. Port at 310.559.5259.