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 Sales Order Books 50 Duplicate Carbonless Forms 55x85 Receipts Returns Pay $3.99 Time Remaining: 14d 9h 24m Buy It Now for only: $3.99 |
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Receipt Book
Tips To Keep Your Tax Records & Tax Receipts Organized
Keeping Good Records Reduces Stress at Tax Time
By Houston TX CPA Jim Trippon, on the web at www.CPAHoustonTX.com
You may not be thinking about your tax return right now, but you might want to pay extra attention during the "off season" of tax season to start planning for next year and to make sure your records are organized. Maintaining good records now can make filing your return a lot easier and it will help you remember transactions you made during the year.
Here are a few things the IRS wants you to know about recordkeeping.
tax records, organize your tax records, organizing tax records, tax record organizer, federal income tax record organizer, organize your tax receipts, tax records organized, keep your tax records in order, keep your tax records organized
Keeping well-organized records also ensures you can answer questions if your return is selected for examination or prepare a response if you receive an IRS notice. In most cases, the IRS does not require you to keep records in any special manner.
Generally speaking, you should keep any and all documents that may have an impact on your federal tax return.
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 (IRS Rules to Write Off Business Vehicles)
*
Canceled, imaged or substitute checks or any other proof of payment
* Any other records to support deductions or credits you claim on your return
You should normally keep records relating to property until at least three years after you sell or otherwise dispose of the property. Examples include:
*
A home purchase or improvement (IRS Rules On Deducting Business Use Of Your Home)
*
Stocks and other investments
*
Individual Retirement Arrangement transactions
* Rental property records
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
At Trippon & Co CPAs, we meet yearly with our clients to discuss their tax accounting and limiting tax liability practices in December of each year. We work hard for our clients to legally reduce their tax liability. If you are wondering if you are missing some important deductions, or want to know if there are ways to reduce your tax liability, give us a call today at 713-661-1040. Remember your first initial consultation is always FREE!
About the Author
About the Author: Houston, TX CPA Jim Trippon is the founder of J.M. Trippon & Company, PC a CPA firm in Houston, Texas that works with Houston taxpayers, business owners, and their families. For more information, or for help with IRS negotiations or tax reporting for your business, please contact Houston Texas CPA Jim Trippon at 713-661-1040 or visit his website at
www.CPAHoustonTX.com.
Can you exchange a book at a bookshop without a receipt?
I was bought an expensive book for Christmas which I already own, and I'd like to exchange it, however the person who bought me it didn't keep the receipt. It's in perfect condition, the spine isn't broken, and it seems a shame to have to give it away or leave it unread. Would a bookshop allow me to exchange it?
It really depends where it was bought from and what that store's policy is on returns..
The shop is not obliged to exchange it, but may if their policy states they do
G. TPM Software UK - Tenants Cash Book Help Files for TPM Letting Software and Property Management