Tax Recordkeeping - Hand-Picked "Must Read" Important Resources

Yes this topic is dull, dry and incredibly boring. However, these links to the IRS website and additional resources will help you decide what papers you need to keep to keep the IRS happy. IRS record retention requirements are very specific. Many credits and deductions not only require keeping itemized invoices and receipts but also logs, journals and ledgers. You are responsible for keeping these records and if you provide credit and deduction information to your accountant, they are assuming you are keeping the necessary tax records and support papers.

Recordkeeping Requirements for Digital Scanning and Storage

Rev. Proc. 97-22, 1997-13 I.R.B. 9. (PDF)

This is a must read if you are scanning and storing your tax records digitally. See page 10.

Tax Recordkeeping for Everyone

• Publication 552 Recordkeeping for Individuals (PDF)
• Publication 501 Exemptions, Standard Deduction, and Filing Information (PDF)

Additional Recordkeeping Requirements.

Prepare yourself. Theft, casualty, or disaster deductions require good recordkeeping.

• Publication 2194 Disaster Losses Kit For Individuals (PDF)

Homeowners, even if you are not selling

• Publication 530 First-Time Homeowners  (PDF)
• Publication 523 Selling Your House (PDF) See Page 9

Moms, dads, grandparents or relatives with children and other dependents in the home

• Publication 503 Child and Dependent Care Expenses (PDF)
• Top Ten Facts About the Child and Dependent Care Credit

Households with high medical expenses and special needs individuals

• Publication 502 Medical and Dental Expenses (PDF)

Individuals with educational expenses or saving for education

• Publication 970 Tax Benefits for Education (PDF)

Self-employed, entrepreneurs, own a rental property, or home office

• Publication 583 Starting a Business and Keeping Records
• Publication 535 Business Expenses
• Publication 334 Tax Guide for Small Business
• Publication 587 Business Use of Your Home

All you great people in the service industry who receive tips

• Publication 531 Reporting Tip Income

Teachers and educators who pay for their own classroom books and supplies

• Topic 458 - Educator Expense Deduction

Money management software helps you not only understand the cost of your spending and responsibilities, it is also a very good way to document your income and expenses to meet IRS requirements

Need some help deciding which software will work best for you, read The Benefits of Using Personal Money Management Software

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