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

Income Expenses Home Investments Proof of Payment
Specific Records
Alimony Business Use of Your Home Casualty and Theft Losses Child Care Credit Contributions Credit for the Elderly of the Disabled Education Expenses Exemptions Employee Business Expenses Energy Incentives Gambling Winnings and Losses Health Savings Account (HAS) and Medical Savings Account (MSA)
IRAs Medical and Dental Expenses Mortgage Interest Moving Expenses Pensions and Annuities Taxes Sales Tax on Vehicles Tips
How Long To Keep Records

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