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Record Keeping - YouTube video text script

HERE’S A TIP FROM THE I-R-S.
 
HI... I’M HECTOR.... AND I WORK FOR THE I-R-S.

ORGANIZING YOUR FINANCIAL RECORDS NOW WILL MAKE FILLING OUT YOUR TAX RETURN EASIER NEXT YEAR. 

IT WILL ALSO HELP IF YOUR RETURN IS AUDITED.

NOW KEEP IN MIND IT DOESN’T MATTER WHAT TYPE OF RECORDKEEPING YOU CHOOSE.

IN FACT YOU CAN EVEN USE A SHOEBOX.

BUT WHAT DOES MATTER IS HOW LONG YOU KEEP CERTAIN DOCUMENTS.
 
IN GENERAL… YOU NEED TO KEEP THINGS LIKE TAX RETURNS… AS WELL AS BILLS… CREDIT CARD STATEMENTS… AND CANCELLED CHECKS RELATED TO YOUR TAX RETURNS FOR THREE YEARS. 

MORE COMPLICATED DOCUMENTS THAT SUPPORT STOCK TRANSACTIONS AND YOUR I-R-A SHOULD BE KEPT FOR AT LEAST FOUR YEARS.

IF YOU RUN A BUSINESS… MAKE SURE YOU KEEP ALL THESE RELATED DOCUMENTS FOR A MINIMUM OF FOUR YEARS. 

REMEMBER… KEEPING GOOD TAX RECORDS IS IMPORTANT. 

FIND OUT MORE AT IRS-DOT-GOV.

Page Last Reviewed or Updated: 19-Mar-2014