Which records? Well, the IRS recommends that you keep all tax-related records for 3 years in case of an audit. But some old tax documents, such as last year’s W-2’s, can come in handy when you are filling out your tax return this year.

Here are some examples of tax-related documents to you might want to keep:

  1. W-2 forms
  2. Pay stubs for the year
  3. Mortgage payment stubs and/or home purchase closing statement
  4. Last year’s tax return (for quick reference and comparison)
  5. Receipts from anything you might claim as an itemized deduction
  6. Receipts from any charity (e.g. for church tithes, disaster relief donations, etc.)
  7. Car mileage log (in case of business use)
  8. Any receipts for business travel expenses
  9. Canceled checks (especially for IRA contributions and other deductions)
  10. Credit card statements and bank statements (to verify any deductions)
  11. Medical bills (especially if they exceed 7.5% of your income)
  12. 1090G form (for deducting state or local income taxes)
  13. 1090 forms (from any dividends or other income paid to you)
  14. Mobile phone bills (especially if you made charitable donations by text message)

TIP: To make your mountain of documents easier to store, try scanning them and keeping them as PDF files. This way you can print them out if you need them. If you do this, remember to back up your computer!

Tax Planning-Keep Tax Records

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