Keeping your tax records organized year-round is a good practice and will keep you from hastily assembling your documents for your annual tax preparation appointment. If you are diligent about maintaining your tax records, you won’t have to worry about losing a valuable deduction because you forgot to list expenses on your return, or having unsubstantiated items disallowed in the...

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Tax records should be kept year-round, not hastily assembled just for your annual tax appointment. Without tax records, you can lose valuable deductions by forgetting to list expenses on your return or having unsubstantiated items disallowed if you’re audited. Generally returns can be audited up to three years after filing. However, if income is underreported by more than 25%, the...

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