2007-04-11 22:23:36 · 6 answers · asked by Okole 2 in Business & Finance ➔ Taxes ➔ United States
Only if you are claiming the expenses on your taxes. When the IRS perfroms an audit, the one thing they are concerned with is your claims.
So if you have a small business or are claiming expenses (gas, for instance) then you should have reciepts to back up your assertion that it was a valid business expense.
Otherwise, if it has nothing to do with your federal taxes, don't worry about it.
Hope this helps!
2007-04-11 22:28:22 · answer #1 · answered by p37ry 5 · 1⤊ 0⤋
No. Relevent checks ( those for items you might have deducted, medical expenses if you can deduct them, your property taxes, DMV Taxes, plates.... etc. etc... if you are taking deductions.)
Statements, no. Credit Card bills, again, if you're deducting the interest paid (for some reason, probably need to be a small business if you are) then keep the LAST one which shows interest paid all year... same with credit card statements... kep IF that;s what you would use to prove payment (using it as a receipt) for some deduction. (If you paid propert tax or some other deductable tax) by credit card. In those cases, though you should probably have a better receipt from the taxing authority.
2007-04-11 22:33:07 · answer #2 · answered by marcus 4 · 0⤊ 1⤋
Only if you have something on them that you are taking a deduction for. If you just take the standard deduction and no credits that depend on having paid some particular expense, then no you don't have to keep them in case of an audit.
2007-04-12 02:28:27 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
it really is totally nice. they do no longer care or keep music of who will pay on the account, only that that's, in reality being paid. If the account is on your call then what is going to be pondered on your credit historic previous is not any matter if the account is being kept modern-day and paid as agreed, no longer who's making the funds. So the answer is not any, the fellow paying on the account will be diverse than the fellow who owns the account.
2016-11-23 14:07:02 · answer #4 · answered by ? 4 · 0⤊ 0⤋
In the UK we keep these for up to 7 years!
2007-04-11 22:32:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No, if you're audited the companies issuing your accounts will have your records on file.
2007-04-11 22:26:37 · answer #6 · answered by charmedchiclet 5 · 0⤊ 2⤋