Tax Day is around the corner! There are several types of records that you should keep for at least seven years.
Here’s a list of the kinds of tax records and receipts to keep that relate to your current year income and deductions:
· Income (wages, interest/dividends, etc.)
· Exemptions (cost of support)
· Medical expenses
· Taxes
· Charitable contributions
· Child Care
· Business Expenses
· Professional and Union dues
· Uniform and Job supplies
· Education, if it is deductible for income taxes
· Automobile, if you use your automobile for deductible activities (business or charity)
· Travel (example for business, which can deduct the cost on your tax return)
· Keep bank account and loan records
Are there any non-tax records I should keep?
There are other records that you should keep even though it does not appear on your tax return:
· Insurance policies
· Major purchases
· Family records (marriage licenses, birth certificates, adoption paperwork, divorce agreement, in case your filing status or dependency exemptions claims change
· Health and medical procedures
For more information on this year's tax documents, visit the IRS: https://www.irs.gov/forms-instructions.
For all of your Accounting and Tax needs, choose Pak Tax & Accounting services. With years of experience and serving various clients, our team of experts specializes in Tax Preparation will assess your situation and determine the best course of action. We serve clients in the greater Chicagoland area. Whether it is for individual or business needs, we’ll help to minimize your tax liability and efficiently manage your financial books.
Comments