With all the major tax changes, it's more important than ever to make sure you're keeping the right records for tax purposes. Here are some tips.
If you plan on deducting charitable contributions on your 2017 tax return, you'll need to have certain records.
You're probably getting ready to go through last year's records and prepare for this year. But what should you keep and what can you throw away? Here are some things to keep in mind as you sort through your records.
When it comes to taking qualified deductions on your Federal Tax return three things must happen.
First, you must recognize that an expense might be deductible on your tax return.
Second, you must keep a record of the expense in an organized fashion.
Third, you must have the proper (and timely) documentation to support your deduction.
While this may seem evident to most, here are some typical areas that taxpayers often fall short, costing them plenty during tax filing season and during IRS audits.