Frequently Asked Questions
The Answers You Need
How long should I keep my tax records for?
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.Nov 28, 2017
Find more information at:
https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records
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What do I need to have my taxes prepared?
This is easier said than done, right? Well, no, not with the right tools. Here is an easy-to-follow list of documents you’ll need to file your taxes this year. If you need a refresher or are just getting started with your tax document organization, here’s an overview of what is needed for your 2018 tax filing:
Personal Information
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Your Social Security number (for you and your spouse and dependents, if applicable).
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If you do not have a Social Security number, your Individual Tax Identification Number.
Employee Information
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W-2 Forms
Childcare Expenses
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Fees paid to a licensed day care center or family day care for care of an infant or preschooler.
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Wages paid to a babysitter.
Charitable Contributions
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Cash amounts donated to houses of worship, schools, other charitable organizations
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Records of non-cash charitable donations
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Mileage driven for charitable purposes
Medical Expenses
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Total amount paid for healthcare insurance and expenses; along with itemized receipts
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Health Insurance
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Form 1095-A if you enrolled in an insurance plan through the Marketplace
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Form 1095-B and/or 1095-C if you had insurance coverage through any other source
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Marketplace exemption certificate (ECN) if you applied for and received an exemption from the Marketplace
Self-Employment Information
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Schedule K-1
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Income records to verify amounts paid if not reported on a 1099-MISC
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Records of all expenses paid in 2017 related to your self-employment business
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Business-use asset information (cost, date placed in service, etc.) for depreciation purposes
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Home office expenses
Retirement Information
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Total amount you contributed for 2017
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Total value of your retirement accounts as of Dec. 31, 2017
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Pensions, IRA, and other retirement income (Form 1099-R)
Rental Income
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Records of income and expenses paid in 2017
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Rental asset totals – cost, date placed in service for depreciation determination.
State & Local Taxes or Sales Tax
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Amount of state/local income tax paid (other than wage withholding) or amount of state and local sales tax paid
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Invoice showing amount of vehicle sales tax paid
Financial Information
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Your bank account and routing number
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A list of taxes you paid the previous two years: including property taxes, state and local taxes and any estimated taxes payments you made
Educational Expenses
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Forms 1098-T from educational institutions
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Receipts that itemize qualified educational expenses
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Records of any scholarships or fellowships you received
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Form 1098-E if you paid student loan interest
Job Expenses
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Employment related vehicle expenses (tolls, mileage, gas, maintenance, license, property tax, interest expense, parking)
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Receipts for classroom expenses (for educators in grades K-12)
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Employment-related expenses (dues, publications, tools, uniform cost and cleaning, travel)
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Job-hunting expenses
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Record of moving expenses not reimbursed by employer