You may not be thinking about your tax return right now, but summer is a great time to start planning for next year. Organized records not only make preparing your return easier, but may also remind you of relevant transactions, help you prepare a response if you receive an IRS notice, or substantiate items on your return if you are selected for an audit.
\nHere are a few things the IRS wants you to know about recordkeeping.<\/p>\n
1. In most cases, the IRS does not require you to keep records in any special manner. Generally, you should keep any and all documents that may have an impact on your federal tax return. It\u2019s a good idea to have a designated place for tax documents and receipts.<\/p>\n
2. Individual taxpayers should usually keep the following records supporting
\nitems on their tax returns for at least three years:<\/p>\n
You should normally keep records relating to property until at least three years after you sell or otherwise dispose of the property. Examples include:<\/p>\n
3. If you are a small business owner, you must keep all your employment tax records for at least four years after the tax becomes due or is paid, whichever is later. Examples of important documents business owners should keep Include:<\/p>\n
These publications are available at www.IRS.gov<\/a>.<\/p>\n Resources: Contact Stephen Scott at\u00a0info@scottcpa.com<\/span><\/a>\u00a0\u00a0if you have individual or business tax needs in the St Louis area.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" You may not be thinking about your tax return right now, but summer is a great time to start planning for next year. Organized records not only make preparing your return easier, but may also remind you of relevant transactions, help you prepare a response if you receive an IRS notice, or substantiate items on … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5,7,3],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/122"}],"collection":[{"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=122"}],"version-history":[{"count":7,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/122\/revisions"}],"predecessor-version":[{"id":178,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/122\/revisions\/178"}],"wp:attachment":[{"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nPublication 552<\/a> – Record Keeping for Individuals
\nPublication 583<\/a> – Starting a Business and Keeping Records
\nPublication 463<\/a> – Travel, Enterrainment, Gift and Car Expenses<\/p>\n