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Ideas
to help with your record keeping are:
Have proof
with your records:
Some tax
pros suggest attaching background material and explanations for
items that might arouse suspicion, including any figures that have
changed drastically from one year to the next. Keep detailed receipts,
mileage logs, worksheets, and any other files that can help you
justify what you record in your return. Maintaining separate accounts
for business and personal use will help you keep your records accurate
and easier to document.
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Avoid
defining things as miscellaneous
IRS employees may think that you will have difficulty substantiating
large miscellaneous totals.
When categorizing deductions and expenses, try to put items
in defined categories rather than lumping them under the "miscellaneous"
heading.
Confirm
with receipts
The
IRS checks amounts stated in your return against income from
other sources–like W-2s and 1099s–so make sure you
report all your income exactly as it appears on those statements.
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Watch your deductions
Some
experts say your risk goes up after your deductions top 30% of your
adjusted gross income. Though you should take all deductions to which
you are entitled, it might be helpful to know that when deductions
add up to a large percentage of your income, your return may trigger
an audit.
Keeping and accumulating
tax records have always been difficult. The daily receipts that
are received always seem to get the lost or are in a big pile. This
is especially true for Realtors with no easy filing system.The main
benefit of good tax record keeping is that it keeps dollars in your
pocket.
The amount of
dollars saved in taxes will range from 15% to 30% or more. Therefore,
for every $100.00 of tax receipts, you get to keep up to $30.00
in your pocket.
A system that automatically organizes receipts received into categories
will make obtaining your maximum tax deductions very easy.
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