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Record Keeping Tax Deductions

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December 18, 2013

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Organizing your financial records now, will make filling out your tax return easier. It will also help if your return is audited. Now, keep in mind, it doesn’t matter what type of record keeping you choose. In fact, you can even use a shoe box. But what does matter is how long you keep certain documents. In general, you need to keep things like tax returns, as well as bills, credit card statements and canceled checks related to your tax returns, for three years. More complicated documents that support stock transactions and your IRA should be kept for at least four years. If you run a business, make sure you keep all these related documents for a minimum of four years. Remember, keeping good tax records is important.

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