2006-12-21 04:49:44 · 10 answers · asked by whosajiggawhat? 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
I recommend holding all of these items for at least three years unless noted.
* Medical & dental bills and expenses not covered by insurance
* Mortgage interest payments
* Moving expenses
* Selling your home information (keep long term meaning decades)
* Property taxes
* Student loan payments
* College tuition payments
* Expenses for caring for a disabled or elderly family member
* Daycare or babysitting receipts if you have a minor child
* Stock trade information (both loss and gain sales)
* Tax preparation fees
* Business liability insurance premiums
* Unreimbursed work expenses
* Professional society dues
* Union Dues
* Educator expenses if a teacher or college professor/instructor
* Charitable contribution receipts.
2006-12-21 14:22:35 · answer #1 · answered by dawncs 7 · 2⤊ 0⤋
I've been wondering about this myself.
My parents have always had home businesses and just go by checkbook stubs and reciepts.
This will be my first year filing and, frankly, I'm a little scared. I think my employer has a system I can use to file, but I'm not sure.
The others seem to have good answers, but you might try asking a librarian-- plus the library in my area has a site for filing taxes on the internet, so you might look into that.
Good luck to you and wish me luck, too. Happy Holidays!
2006-12-22 09:37:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
everything pertaining to income or gain from earnings or home basis and upkeep and improvements.
Keep for up to ten years. IRS can go back very far if they believe you avoided paying taxes on purpose.
Home cost forever to show basis from first home to the last till it's passed on to your heirs.
Medical bills up to and over 7.5 %
Anything used on any schedule such as A B C D E or any supporting forms such as AMT or business expenses.
Get Pub 17 from the IRS.
The tax bible for people.
It was scary when I started to understand what I was reading.
There's so much which is different from one person to another what is needed and is deductible.
Follow the 1040 line by line.
2006-12-21 22:51:32 · answer #3 · answered by michael h 1 · 1⤊ 0⤋
always keep copies of all your W2's and kep any of the paperwork that you file with the irs. as far as keeping reciepts, only keep your medical and prescription ones. you dont need to keep yor walmart reciepts if just went and bought a new christmas tree or sutff like that. and keep your reciept like if you had major work done on your car. any thing that can be deducted. trust me on this my mother-in-law is an accountant. she does our taxes.
2006-12-22 11:25:15 · answer #4 · answered by Sarahjane 1 · 0⤊ 0⤋
If you are not itemizing and do not have a home business (like Ebay), all you need is your W-2s from your employers and, if you collected unemployment, that form the Unemployment Commission sends you.
If you married and thinking of itemizing, you need $10,000 in deductions to make it practical. If you know you haven't made it, don't sweat it. The standard deduction is fine.
2006-12-22 11:39:22 · answer #5 · answered by loryntoo 7 · 0⤊ 0⤋
If you are going to file long form, keep your medical records,insurance payments, miles you drive to and from work,your receipts for any home improvements,(nails,screws, hammers and tool). child support. All Taxes you pay.
2006-12-22 00:46:48 · answer #6 · answered by ruth4526 7 · 0⤊ 0⤋
keep copies of all your recorded and reported income. also keep any bill that you are claiming or using for a tax deduction.
2006-12-22 06:26:39 · answer #7 · answered by Steve 4 · 0⤊ 0⤋
receipt book
2006-12-22 04:52:18 · answer #8 · answered by naveen k 2 · 0⤊ 0⤋
AS I DISABLED I DONT FILE
2006-12-22 03:10:15 · answer #9 · answered by Thinking4u 2 · 0⤊ 0⤋
eggsXD
2006-12-22 01:23:16 · answer #10 · answered by lasdkjvbaerluibfvasdflkqvwhobfvs 1 · 0⤊ 1⤋