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Sent: Monday, April 11, 2011 8:44 PM
Subject: IRS Tax Tip 2011-71: Tips for Managing Your Tax
|IRS Tax Tips
||April 11, 2011
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Issue Number: IRS Tax
Tips for Managing Your Tax
After you file your taxes, you will have many records that
may help document items on your tax return. You will need these documents
should the IRS select your return for examination. Here are five tips from
the IRS about keeping good records.
- Normally, tax records should be kept for three years.
- 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.
- Records you should keep include bills, credit card and other
receipts, invoices, mileage logs, canceled, imaged or substitute checks,
proofs of payment, and any other records to support deductions or
credits you claim on your return.
- For more information on what kinds of records to keep, see IRS
Publication 552, Recordkeeping for Individuals, which is available on
the IRS website at http://www.irs.gov
or by calling 800-TAX-FORM (800-829-3676).
Publication 552, Recordkeeping for Individuals (PDF
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