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Tax Expense Deductions Worksheet
Keeping Good Tax Records
In a tax emergency, would you be ready? Well–organized records not
only help you prepare your tax return, but they also help you answer
questions if your return is selected for examination or prepare a
response if you are billed for additional tax.
Fortunately, you don’t have to keep all tax records around forever.
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.
If you are an employer, you must keep all your employment tax
records for at least 4 years after the tax becomes due or is paid,
whichever is later.
If you are in business, there is no particular method of bookkeeping
you must use. However, you must clearly and accurately show your
gross income and expenses. The records should substantiate both your
income and expenses.