If you're claiming the premium tax credit , you'll need information about any advance credit payments you received through the Health Insurance Marketplace and the premiums you paid.
If you're in business, there's not a required method of bookkeeping you must use. However, you must use a method that clearly and accurately reflects your gross income and expenses. The records should substantiate both your income and expenses. If you have employees , you must keep all your employment tax records for at least 4 years after the tax becomes due or is paid, whichever is later. You should keep any contracts for things like auto loans, home mortgages, insurance documents, medical bills, and warranty information.
The list of documents you should keep is much longer than the list of what the IRS requires. Getting rid of unwanted paperwork is easier than ever. A scanner will make things a lot easier. Purchase your own, or if you have one at work, use it when you are allowed to return to the office.
The biggest downside of not having your own scanner at home is dragging all of your paperwork and personal information into your workplace. However, they may not be as easy to use for odd-sized receipts or other paperwork. What I love about this scanner is that it is easy to feed stacks of paper into. Once you have scanned your documents into the computer, they are searchable, which is helpful when you need to find old receipts or warranty information.
You will also be able to scan directly to the cloud. A scanner like this excels because of its adjustable paper feeder. It makes scanning various receipts, in multiple sizes and shapes, easier.
We all want things to be quick and easy whenever possible. Plus, in the event you find yourself being audited, your digital files will be much easier to find and use to defend yourself than a box full of unorganized receipts, in my opinion. If you need a little extra nudge to get your receipts scanned, let me tell you about my box of receipts. When I opened the box to scan and throw away the contents, a good number of my paper receipts were blank or nearly impossible to read. Your paper receipts from purchases at gas stations, or businesses that use similar printers, will not stand the test of time.
After storing these receipts for years, they may not have been usable if I had needed them for an IRS audit. The bottom line is to take the time to scan your receipts sooner rather than later. Scanning a lifetime of documents all at once can be a monumental task.
Do yourself a favor and break the scanning up over time. If you have a teenager at home, consider paying the child an hourly rate to scan documents for you.
From there, try and keep up with it. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax.
The information below reflects the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed.
Returns filed before the due date are treated as filed on the due date. Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return. Ruth Sarreal contributed to the reporting for this article. This article originally appeared on GOBankingRates.
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