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You can avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Good record-keeping will help you remember the various transactions you made during the year, which in turn may make filing your return less, well, taxing.

Records help you document the deductions you’ve claimed on your return. You’ll need this documentation should the IRS select your return for examination. Normally, tax records should be kept for three years, but some documents – such as records relating to a home purchase or sale, stock transactions, IRA, and business or rental property – should be kept longer.

In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return:

Bills

Credit card and other receipts

Invoices

Mileage logs

Canceled, imaged, or substitute checks or any other proof of payment

Any other records to support deductions or credits you claim on your return

Good record-keeping throughout the year saves you time and effort at tax time when organizing and completing your return. For more information on what kinds of records to keep, call our office.

Contact sales@globalvalueadd.com OR Call 972-961-4813, India +91-80-41633973, if you are looking for professional advisory services. Disclaimer: GVA is not an attorney or attorney firm. GVA has partners for Estate Planning services. Unless we expressly state otherwise in this post any tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or other matter addressed herein.

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