Colonial Income Tax Service Tips for Managing Your Tax Records

Tips for Managing Your Tax Records

After you file your taxes, you will have many records that may help document items on your tax return. You will need these documents should the IRS select your return for examination. Here are five tips from the IRS about keeping good records.

Normally, tax records should be kept for three years.
Some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property — should be kept longer.
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.
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.
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 http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).


Colonial Income Tax can help you with a full range of tax services. Our staff members include Certified Public Accountants (CPA) and IRS Certified tax professionals with many years of experience. Our services include income tax preparation for your federal and state income tax returns, small business tax returns, partnerships, LLC'S and trusts.
The initial meeting for new clients is free. Our fees will vary on the complexity of your tax situation. In payment we accept cash, checks, debit card, VISA, MasterCard and money orders. Please call us at, 302-322-1135 to arrange a meeting with one of our tax professionals or e-mail JCW@ColonialIncomeTax.com for more information.