Recordkeeping: common requirements for personal taxes

Recordkeeping for your tax return is very important. It helps ensure that your tax return can be properly prepared and so that claimed items can be backed up in the event of an audit. Here are the most common records that are needed. Tax documents Any tax reporting forms received, including but not limited to: …

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The Importance of Adequate Tax Records

Failure to generate and keep adequate tax records to support a certain position can have costly results as detailed recently in Tax Court Memo 2015-95. In this case, a husband and wife purchased an oceanfront condo as a seasonal home never intending it to be their primary residence. A few years later, an unfortunate family …

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