![]() C redit Card Receipts (keep with your credit card statement).C ar Records (keep until the car is sold).Vouchers for Payments to Vendors, Employees, etc. ![]() Purchasing Department Copies of Purchase Orders.Payroll Records and Summaries, including payment to pensioners.Inventories of Products, Materials, Supplies.Expense Analysis and Expense Distribution Schedules.Accounts Receivable Ledgers and Schedules.Savings Bond Registration Records of Employees.Employee Personnel Records (after termination).Purchase Orders (other than Purchasing Department copy)īusiness Documents To Keep For Three Years.Correspondence with Customers and Vendors. ![]() To be safe, use the following guidelines. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. After it is no longer necessary to retain your tax records, financial statements, or any other documents with your personal information, you should dispose of these records by shredding them and not disposing of them by merely throwing them away in the trash. With online backup, files are stored in another region of the country, so that if a hurricane or other natural disaster occurs, documents remain safe.Ĭaution: Identity theft is a serious threat in today's world, and it is important to take every precaution to avoid it. You might also consider online backup, which is the only way to ensure that data is fully protected. is easier than ever now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet. Keeping a backup set of records - including, for example, bank statements, tax returns, insurance policies, etc. Create a Backup Set of Records and Store Them Electronically. Once the documents are in electronic form, taxpayers can download them to a backup storage device, such as an external hard drive, or burn them onto a CD or DVD (don't forget to label it). Even if the original records are provided only on paper, they can be scanned and converted to a digital format. This is called the “three-year law” and leads many people to believe they're safe provided they retain their documents for this period of time. Other miscellaneous tax deductions-union dues, unreimbursed employee expenses (uniforms, supplies, seminars, continuing education, publications, travel, etc.) (for tax years prior to 2018 only)įederal law requires you to maintain copies of your tax returns and supporting documents for three years.Casualty and theft losses-amount of damage, insurance reimbursements.Charitable donations-cash amounts and value of donated property, miles driven, and out-of-pocket expenses.Home mortgage interest and points you paid-Forms 1098.Adoption costs-SSN of child, legal, medical, and transportation costs.Education costs-forms 1098-T, education expenses.Child care costs-provider’s name, address, tax id, and amount paid.If you received 'Your Third Economic Impact Payment', Letter 6475.Letter 6419, Advance Child Tax Credit Reconciliation.Foreign bank account information-location, name of bank, account number, peak value of account during the year.Direct deposit information-routing and account numbers.Estimated tax payment made during the year, prior year refund applied to current year, and any amount paid with an extension to file.Personal property taxes-vehicle license fee based on value.Keogh, SEP, SIMPLE and other self-employed pension plans.Self-employed health insurance payments.Moving expenses (for tax years prior to 2018 only).Medical Savings Account (MSA) contributions.(Use our handy IRS document search toolfor your documents) How can I check on my tax refunds? Tax Related Web-sites/phone numbers: IRS IRS Get Refund Status IRS Inquiry Phone: (800) 829-1040 Other miscellaneous income-jury duty, gambling winnings, Medical Savings Account (MSA), scholarships, etc. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |