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Saving Records
Why Save Records? <ul><li>To substantiate the information reported on the tax return. </li></ul><ul><li>Statue of limitati...
How Long Should You Keep Records? <ul><li>Prior Year Returns </li></ul><ul><ul><li>Minimum of three years. </li></ul></ul>...
How Long Should You Keep Records? <ul><li>Employee Business Expenses </li></ul><ul><ul><li>Keep mileage logs, hotel bills,...
How Long Should You Keep Records? <ul><li>Building or Improvements to Your Home </li></ul><ul><ul><li>Keep records of all ...
Gifts & Inheritances <ul><li>Need to know the cost of the gift. </li></ul><ul><li>Obtain receipts for non-cash gifts. </li...
Summary <ul><li>While the most common statute of limitations is three years for the filing of the return, a return that wa...
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Saving Records

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Important guidlines on how and what records to keep and for how long.

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Transcript of "Saving Records"

  1. 1. Saving Records
  2. 2. Why Save Records? <ul><li>To substantiate the information reported on the tax return. </li></ul><ul><li>Statue of limitation for most federal tax returns is three years. </li></ul>
  3. 3. How Long Should You Keep Records? <ul><li>Prior Year Returns </li></ul><ul><ul><li>Minimum of three years. </li></ul></ul><ul><li>Tax Receipts </li></ul><ul><ul><li>Minimum of three years. </li></ul></ul><ul><li>Business Records </li></ul><ul><ul><li>Some operational expense receipts can be discarded. </li></ul></ul><ul><ul><li>Retain receipts that relate to property you still own. </li></ul></ul><ul><ul><li>Keep payroll records for a minimum of four years. </li></ul></ul><ul><ul><li>If business losses occur, retain all records pertaining to the carryover loss calculations. </li></ul></ul>
  4. 4. How Long Should You Keep Records? <ul><li>Employee Business Expenses </li></ul><ul><ul><li>Keep mileage logs, hotel bills, and meal receipts for a minimum of three years. </li></ul></ul><ul><ul><li>Truck drivers should keep logbooks for a minimum of three years. </li></ul></ul><ul><li>Sale or Purchase of a Home </li></ul><ul><ul><li>Retain closing papers for a minimum of three years. </li></ul></ul><ul><ul><li>If you deferred gain, save the closing papers and tax return from the sale through the limitation period of your next home sold. </li></ul></ul>
  5. 5. How Long Should You Keep Records? <ul><li>Building or Improvements to Your Home </li></ul><ul><ul><li>Keep records of all expenditures for a minimum of three years after the home is sold. </li></ul></ul><ul><li>Investment Records </li></ul><ul><ul><li>Save records for at least three years after you sell the investment. </li></ul></ul><ul><li>IRA Contribution and Distribution Records </li></ul><ul><ul><li>Keep indefinitely. </li></ul></ul>
  6. 6. Gifts & Inheritances <ul><li>Need to know the cost of the gift. </li></ul><ul><li>Obtain receipts for non-cash gifts. </li></ul><ul><li>When inheriting property, keep records that establish the value of the property. </li></ul>
  7. 7. Summary <ul><li>While the most common statute of limitations is three years for the filing of the return, a return that was never filed has no statute of limitations. </li></ul><ul><li>Tax planning and tax return processing can be a confusing process. I’m available to help you and to give you the best tax outcome possible. </li></ul>
  8. 8. Thank you.
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