Search Knowledge Base by Keyword
Taxpayers Guide to LLCs and S Corps
Expat and Expatriate KB
Rental Property KB
Other Tax Information KB
Small Business KB
- Articles coming soon
Are there specific records I need to keep?
Yes. The IRS lists several items in Publication 552 which include alimony, casualty losses, charitable donations, child care, education, gambling, home office deductions, IRAs, job-related expenses, medical, mortgage interest, moving expenses, pensions and annuities, sales tax on vehicles and tips.
Each item has specific requirements. For example, casualty losses and thefts require that you can demonstrate that you owned the property, that you were the named insured of the property, and that the loss occurred during the tax year of the deduction. With just that in mind, you need to keep insurance information such as a declarations page and the police report. Geez!