Managing Your Tax Records

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Provide the following helpful tips on record keeping in your communication vehicles

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Managing your tax records after you have filed

There are many reasons to keep household records, including keeping track of your expenses,

maintaining records for insurance purposes or getting a loan. You should have the same

approach to managing your tax records.

You should keep all documents that may have an impact on your federal tax return. Records

you should keep include bills, credit card and other receipts; invoices; mileage logs; canceled,

imaged or substitute checks; proof of payments; and any other records to support deductions

or credits you claim on your return.

Normally, you should keep these tax records for three years. It’s a good idea to keep some

documents longer, such as records relating to a home purchase or sale, stock transactions,

IRA and business or rental property documentation. Keeping accurate records after you file

your taxes will help you with documentation and substantiation if your tax return is selected for

an audit.

You should also keep copies of your tax returns as part of your tax records. They can help you

prepare future tax returns, and you will need them if you file an amended return. Copies of

your returns and records can be helpful to your survivor or the executor, or administrator, of

your estate. You may also need tax returns from previous years for loan applications, to

estimate tax withholding or because records were destroyed in a natural disaster or fire. If your

original tax returns were lost or destroyed, you can obtain copies or transcripts. There are

three options for obtaining your federal tax return information – online, by phone or by mail.

Keeping good records will help you explain any item come tax time and arrive at the correct

amount of tax with a minimum amount of effort. If you don’t have records, you may have to

spend time getting statements and receipts from various sources. If you cannot produce the

correct documents, you may have to pay additional tax and be subject to interest and

penalties.

For more information on what kinds of records to keep, see IRS Publication 552,

Recordkeeping for Individuals on IRS.gov.

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NOTE TO EDITOR: Below are links to helpful recordkeeping tips on IRS.gov

• IRS Tax Tip 2013-40 – IRS Offers Top 10 Tax Time Tips

• IRS Tax Tip 2012-71 – Managing your Tax Records after you file

• IRS Tax Tip 2011-19 – How to Get Your Prior-Year Tax Information from the IRS

• Publication 583 (1/2007), Starting a Business and Keeping Records

• Topic 305: Recordkeeping

• How long should I keep records?

IRS YouTube

How to Request a Copy of Your Tax Return

Taxpayers can request a transcript or an entire copy of their tax return from the IRS by

Internet, telephone or regular mail.