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Medical and Dental Expenses – In addition to the medical expense records, you should keep records of transportation expenses that are primarily for and essential to medical care.  You should record in a diary gas and oil expenses directly related to your medical transportation.  If you don’t want to keep records of these actual expenses, you can keep a log of the miles you drive for medical purposes and use the standard mileage rate.  You should also keep records of any parking fees, tolls, taxi fares, and bus fares.

Mortgage Interest – If you paid mortgage interest, you should receive Form 1098, a Mortgage Interest Statement.  Keep this with your mortgage statement and loan information.

Moving Expenses – You may be able to deduct qualified moving expenses that are not reimbursed.  See IRS Publication 521 to see what expenses qualify and what records you need.

Taxes – Keep Form W-2 and Form 1099-R.  If you made estimated tax payments, you need to keep a copy of your checks.  If you received a refund of state income taxes, you need to keep Form 1099-G.  Keep mortgage statements, tax assessments or other documents as records of the real estate and personal property taxes you paid.  If you deducted actual state and local general sales taxes instead of using the state sales tax tables, you must keep you actual receipts showing general sales taxes paid.

Tips – You must keep a daily record to accurately report your tips on your return.  You can use IRS Publication 1244 to record your tips.

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Education Expenses- You should keep transcripts that show periods of enrollment and cancelled checks and receipts that verify amounts you spent on tuition, books, and other educational expenses.

Energy Incentives- If you want to claim one of the tax incentives for the purchase of energy efficient products, you must keep records to prove: when and how you acquired the property, the price of the property and that the property qualified for the credit.

Gambling Winnings and Losses- You must keep an accurate diary of your winnings and losses that includes the: date and type of gambling activity, name and address of the gambling establishment, and the amount you won or lost.  See IRS Publication 529 about gambling losses.

Health Savings Account and Medical Savings Account – For each qualified medical expense you pay with a distribution from your HSA or MSA, you must keep a record of the name and address of each person you paid and the amount and date of the payment.

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Alimony- If you receive or pay alimony, you must keep a copy of your written agreement (separation, divorce, support).

Business Use of Your Home – You may be able to deduct certain expenses connected with the business use of your home.  You need to keep records that show the part of your home that you use for business and the expenses related to that use.  This is not as easy as saying that you work at home.  See IRS Publication 587 on how to allocate expenses between business and personal use.

Casualty and Theft Losses- You must be able to prove that you had a casualty or theft.  Your records must be able to support the amount you claim.  For casualty loss, you need to prove: the type of casualty and when it occurred, the loss was due to the casualty and that you were the owner of the property.  For theft loss, you need to prove: when you discovered the property was missing, that it was stolen and that you were the owner of the property.

Child Care Credit- You must give the name, address, and taxpayer identification number for all persons or organizations that provide care for your child or dependent.

Contributions- You must keep records to prove the contributions you make during the year, cash, non-cash, or out-of-pocket expenses.

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If you choose to use electronic files, care should be taken to back up and protect these records.  If these are destroyed, you are still accountable for providing the IRS with the information.

Examples of the records to keep include-

Income- Form W-2, Form 1099, Bank Statements, Brokerage Statements, Form K-1

Expenses- Sales Slips, Invoices, Receipts, Cancelled Checks or other Proof of Payment, Written acknowledgement from qualified charities

Home- Closing Statements, Purchase and Sales Invoices, Proof of Payment, Insurance Records, Receipts for Improvement Costs,

Investments – Brokerage Statements, Mutual Fund Statements, Form 1099, Form 2439

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Some people don’t file their tax return because they don’t have the funds for the taxes they owe.  It is better to file your tax return, pay what you can and make a deal with the IRS for the remaining amount.  This will keep you in compliance with the IRS and avoid levies being placed on your property.  If you don’t file, you will incur a penalty for not filing and still be incurring penalties on the amount that they think you owe.

In order to make a deal with the IRS, all past tax returns need to be filed.  Have you put off doing your tax returns in the hope no one would notice?  Are you embarrassed that you got to this point?  You aren’t alone.  We see this everyday.  We can help you get in compliance with the IRS.  Come see us today!

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It is better to handle any complicating situations before the Meeting of Creditors, so that it runs smoothly.  We do Bankruptcies everyday.  Let us help you.

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