Keeping good records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are five tips from the IRS about keeping good records.

  1. Normally, tax records should be kept for three years.
  2. Some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property — should be kept longer.
  3. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return.
  4. Records you should keep include bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks, proofs of payment, and any other records to support deductions or credits you claim on your return.
  5. For more information on what kinds of records to keep, see IRS Publication 552, Recordkeeping for Individuals, which is available on the IRS website at www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

TaxACT recommends you also:

  • Print a copy of your return to file with your tax records. Printing instructions for TaxACT Online users. Instructions for download users.
  • Save an electronic copy of your return. Instructions
  • TaxACT Online users: Write down your user name and password so you can quickly import this year's data into next year's return.
  • TaxACT Online users: Consider purchasing TaxACT's Data Archive Service that allows you access to your 2011 TaxACT Online account through 4/30/15. To purchase, sign in, click on "My TaxACT" in the upper right corner, and select "TaxACT 2011 Data Archive Service" under "Helpful Links".

Link:

  • Publication 552, Recordkeeping for Individuals (PDF 61K)
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Upcoming Tax Dates

February 2 Individuals who must make estimated tax payments
If you did not pay your last installment of estimated tax by January 15, you may choose (but are not required) to file your income tax return (Form 1040) for 2014 by February 2. Filing your return and paying any tax due by February 2 prevents any penalty for late payment of the last installment. If you cannot file and pay your tax by February 2, file and pay your tax by April 15.

February 2 All Employers
Give your employees their copies of Form W2 for 2014. If an employee agreed to receive Form W2 electronically, have it posted on a website and notify the employee of the posting.

February 2Payers of gambling winnings
If you either paid reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of Form W2G.

February 2 Nonpayroll taxes
File Form 945 to report income tax withheld for 2014 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit or pay any undeposited tax under the accuracy of deposit rules.

February 2 Social Security, Medicare, and withheld income tax
File Form 941 for the fourth quarter of 2014. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter timely, properly, and in full, you have until February 10 to file the return.

February 2 Certain small employers
File Form 944 to report social security and Medicare taxes and withheld income tax for 2014. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is $2,500 or more for 2014 but less than $2,500 for the fourth quarter, deposit any undeposited tax or pay it in full with a timely filed return. If you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.

February 2 Farm employers
File Form 943 to report social security and Medicare taxes and withheld income tax for 2014. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.

February 2 Federal unemployment tax
File Form 940 for 2014. If your undeposited tax is $500 r less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.

February 2All businesses
Give annual information statements to recipients of certain payments you made during 2014 - Details

February 2Form 720 taxes
File Form 720 for the fourth quarter of 2014.

February 2 Wagering tax
File Form 730 and pay the tax on wagers accepted during December 2014.

February 2Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in December 2014.

February 10Nonpayroll taxes
File Form 945 to report income tax withheld for 2014 on all nonpayroll items. This due date applies only if you deposited the tax for the year timely, properly, and in full.

February 10Social security, Medicare, and withheld income tax
File Form 941 for the fourth quarter of 2014. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.

February 10Certain small employers
File Form 944 to report social security and Medicare taxes and withheld income tax for 2014. This due date applies only if you deposited the tax for the year timely, properly, and in full.

February 10Farm employers
File Form 943 to report social security and Medicare taxes and withheld income tax for 2014. This due date applies only if you deposited the tax for the year timely, properly, and in full.

February 10Federal unemployment tax
File Form 940 for 2014. This due date applies only if you deposited the tax for the year timely, properly, and in full.

February 10Employees who work for tips
If you received $20 or more in tips during January, report them to your employer - Details

February 11Communications and air transportation taxes under the alternative method
Deposit the tax included in amounts billed or tickets sold during the first 15 days of January.

February 13Regular method taxes
Deposit the tax for the last 16 days of January.

February 17Everyone
Federal Holiday (Washington's Birthday) - Details

February 17Individuals
If you claimed exemption from income tax withholding last year on the Form W-4, you must file a new Form W-4 by this date to continue your exemption for another year - Details

February 17All businesses
Give annual information statements to recipients of certain payments you made during 2014 - Details

February 17Publication 509 (2015)
All payments reported on Form 1099S, Proceeds From Real Estate Transactions. Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 14 of Form 1099MISC.

February 17Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in January.

February 17Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in January.

February 18All employers
Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2014, but did not give you Form W4 to continue the exemption this year.

February 25Communications and air transportation taxes under the alternative method
Deposit the tax included in amounts billed or tickets sold during the last 16 days of January.

February 27Regular method taxes.
Deposit the tax for the first 15 days of February.

View More Tax Dates