Frequently Asked Questions
This year, don’t settle for just “filing” your return. We’ll find the mistakes and missed opportunities that may be costing you thousands, and show you how proactive planning can save those dollars.
Paycheck Stubs until you get your W-2 in January to check it’s accuracy. Bank Statements to confirm your 1099s. Brokerage statements until you get your annual summary (keep longer for tax purposes if they show gain or loss) Receipts for health care bills in case you qualify for a medical deduction. Utility bills to track usage (seven years if you deduct a home office)
Keep the following documents for 7 years:
Supporting documents for your taxes, including W-2s, 1099s, and receipts or cancelled checks that substantiate deductions. The IRS usually has up to three years after you file to audit you buy may look back up to six years if it suspects you substantially underreported income or committed fraud. Note: keep documentation for your 2012 retu?rn until 2019
Keep the folllowing documents indefinitely:
Tax returns with proof of filing and payment. IRS forms that you filed when making non-deductible contributions to a traditional IRA or a Roth conversion. Receipts for capital improvements that you’ve made to your home until you sell the house. Retirement and brokerage account annual statements. Receipts for big-ticket purchases for as long as you own the item to support warranty and insurance claims.
You can toss ATM receipts once recorded, Bank Deposit slips once the funds show up in your account. Credit card receipts after you get your statement unless you might return the item or need proof of purchase for the warranty and credit card statements that do not have tax related expenses on them.