Recordkeeping

It is important that taxpayers keep good records to

• identify sources of income.
• keep track of expenses.
• prepare tax returns quickly and accurately.
• support items reported on tax returns.

Typical records include:

• checkbooks, check registers, monthly statements, and Forms 1099-INT
• receipts, invoices, and sales slips
• pay stubs and Form W-2

Some taxpayers use computerized systems to track income and expenses.

• These taxpayers also need to keep original documents, such as sales slips and receipts.

Taxpayers should print and keep copies of the tax returns they send to the IRS.

Taxpayers need to keep tax-related documents for at least three years from the date the return was filed.