Hello 2009. If you haven’t already started doing so, it’s time to start preparing for the inevitable tax season. But one question on many tax-payer’s minds is, “What tax documents should I save to be prepared in case I’m audited?”
The IRS suggests we all keep basic records. “What are “basic” records?”The IRS defines these records as ones that prove your income and expenses. If you own a home or investment, your basic records should contain documents related to those items.
| Income |
Expenses |
| Form(s) W2 | Receipts |
| Form(s) 1099 | Invoices |
| Form(s) K1 | Canceled Checks |
| Bank Statements | Sales Slips |
| Brokerage Statements | Written Communications from Charities |
| Investment |
Home |
| Form(s) 1099 | Closing Statements |
| Forms(s) 2439 | Proof of Payment |
| Brokerage Statements | The Purchase and Sales Invoices |
| Mutual Fund Statements | Insurance Records |
One might also keep documentation for travel, gift, or entertainment expenses.
In my next post, I’ll discuss how long you should maintain these “basic records.” The IRS recommends keeping your records organized, filing your records according to year. You could also ship your documents to OfficeDrop and have us store them for you securely online. Finally it’s worth noting that the IRS does accept electronically scanned documents in lieu of paper records.
Of course, these are just a few of the documents you should be hanging onto, if you know of any others please let me know.
Oh, that’s great to know that the IRS will accept scanned documents!
[...] my previous post, I provided a list of basic tax documents to save just in case you were audited by the IRS. But [...]
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