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.
Save secure digital copies of your tax documents with TaxACT DocVault. It's fast, easy and FREE! Easily create photos of your W-2s, 1099s, charitable donations, and other tax documents with the free mobile app. Upload images from the app or your computer to your secure web account at www.taxactdocvault.com, where you can save up to 3GB of images for free. At tax time, import your images into TaxACT Deluxe. Get DocVault here.
Additional IRS Resources:
IRS YouTube Videos:
January 1 — Everyone
Federal Holiday (New Year's Day) - Details
January 11 — Employees who work for tips
If you received $20 or more in tips during December, report them to your employer - Details
January 12 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of December 2015.
January 14 — Regular method taxes
Deposit the tax for the last 16 days of December 2015.
January 15 — Individuals
Make a payment of your estimated tax for 2015 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES - Details
January 15 — Farmers & fishermen
Pay your estimated tax for 2015 using Form 1040-ES - Details
January 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in December 2015
January 15 — Nonpayroll withholding.
If the monthly deposit rule applies, deposit the tax for payments in December 2015.
January 18 — Everyone
Federal Holiday (Birthday of Martin Luther King, Jr./Inauguration Day) - Details
January 27 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the last 16 days of December 2015.
January 29 — Regular method taxes
Deposit the tax for the first 15 days of January.