During the summer, you may not think about doing your taxes, but maybe you should. Some of the expenses you've paid over the past few months might qualify for money-saving tax credits or deductions come tax time. If you organize your tax records now, you'll make tax filing easier and faster when you do them next year. It also helps reduce the chance that you'll lose a receipt or statement that you need.
Here are some tips from the IRS on tax recordkeeping.
You'll find more information about recordkeeping for individuals in Publication 17, Your Federal Income Tax. Business owners should check Publication 583, Starting a Business and Keeping Records. Both are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676). Video and audio files explaining recordkeeping requirements are also available on our IRS video portal at www.irsvideos.gov.
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Additional IRS Resources:
IRS YouTube Videos:
November 10 (Employees who work for tips)
If you received $20 or more in tips during October, report them to your employer - Details
November 11 (Everyone)
Federal Holiday (Veterans Day) - Details
November 27 (Everyone)
Federal Holiday (Thanksgiving Day) - Details