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  • Theresa Valade

Record-Keeping Keys – Individuals & business.

The key to avoiding the last minute scramble to find documents and receipts at tax time is to keep track of your receipts and records throughout the year.  Whether you  put receipts in a file, use an excel spreadsheet, an app or online system, keeping receipts organized will help you remember transactions and income and expenses that occurred throughout the year.


Records help you document deductions your claimed on your return.  You’ll need this documentation should you ever be audited from the IRS.  Normally tax documents should be kept for five to seven years


You should keep all documents related to:

  • Important items  such as the sale of a house or purchase of a home, stock transactions, IRA’s, business or rental properties

  • Bills

  • Credit card and other receipts

  • Income

  • Invoice

  • Mileage logs

  • Cancelled checks or any other proof of payment


When in doubt, I tell my clients to put the receipt or invoice a special “tax file.”  It’s not the taxpayers job to determine if it is a deduction – it is mine.

If you are uncertain, let us help you put your best foot forward for tex season!

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