What Tax Records Should You Keep for Tax Purposes?

Filed in archive Information About on May 13, 2010

© Valerie Everett

After you file your taxes for the year, you do not want to be so hasty as to throw away your tax records. Because there is a possibility that the IRS may want to look over your claims and records, there are certain tax records to keep for three years.

Tax records that the IRS is most likely to want to look at include receipts, checks - canceled, images of, or substitute, mileage logs, proofs of payment, and other evidences that relate to any credits or deductions you may have claimed on your tax return.

The IRS says on its Website, that it may also want to see any documents that deal with buying or selling a home, stock transactions, and IRA's. It will also ask to see any tax records dealing with rental properties and businesses you have.

The Internal Revenue Service does not have any particular recommendation about what form these tax records are to be in or how they should be organized. The main idea is that if they want to see them, you want to be able to put your hands on them quickly, in order to resolve any difficulties.