Cathy Imburgia Creative Communications
Cathy's work history includes more than 25 years of experience in corporate, nonprofit and government communications... >> More

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IRS Reminds Taxpayers that Keeping Good Records Reduces Stress at Tax Time January 15, 2010   by John Berger, IRS (john.r.berger@irs.gov)   The tax filing season is just around the corner, so if you haven't already done so, it's time to organize your records.    Whether you are a business owner or an individual taxpayer, you can avoid headaches at tax time with good records because they will help you remember transactions you made during the year.   Keeping well-organized records also ensures you can answer questions if your return is selected for examination or prepare a response if you are billed for additional tax. In most cases, the IRS does not require you to keep records in a special manner. Generally speaking, you should keep any/all documents that may have an impact on your federal tax return.   Small Business Owners   If you are a small business owner, you must keep all your employment tax records for at least four years after the tax becomes due or is paid, whichever is later. Examples of important documents business owners should keep Include:  Gross receipts: Cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips and Forms 1099-MISC Proof of purchases: Canceled checks, cash register tape receipts, credit card sales slips and invoices Expense documents: Canceled checks, cash register tapes, account statements, credit card sales slips, invoices and petty cash slips for small cash payments Documents to verify your assets: Purchase and sales invoices, real estate closing statements and canceled checks. Individuals   Individual taxpayers should usually keep the following records supporting items on their tax returns for at least three years:  Bills Credit card and other receipts Invoices Mileage logs Canceled, imaged or substitute checks or any other proof of payment Any other records to support deductions or credits you claim on your return For more information about recordkeeping, check out the IRS Web site, IRS.gov or call 800-TAX-FORM (800-829-3676). « Go Back SEND TO FRIEND

Other Chapter News Chapter News » August 23, 2010 - Strategic Human Capital Management Certificate » Earn 43 of 60 required strategic and general recertification credits in approximately 13 weeks! ... [view]   » August 23, 2010 - Upcoming Events from NAPM Delaware » Take advantage of these valuable opportunities! ... [view]   » August 23, 2010 - NAWBO Regional Leadership Summit » Please join us for NAWBO's next Regional Leadership Summit that is open to all chapter presidents and board members from throughout the U.S. Hear from national leadership, share best practices and get the tools you need to successfully run your chapter. ... [view]   » August 23, 2010 - Don't Miss The Color Purple at the duPont Theatre! » NAWBO Delaware members can take advantage of a special discount when purchasing tickets for this outstanding show. ... [view]

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