The best, most complete records that we got this past season were in a binder with everything tabbed, dated, and in order. You don’t have to be quite that amazingly organized, but accountants do appreciate it when someone gives some thought to organizing their tax documents up front.
Having organized taxes also means that you’re less likely to miss a deduction. Things like medical bills, home office expenses, childcare expenses and charitable contributions can all turn into deductions, and so you should save your receipts and other paperwork from those things. That list isn’t exhaustive, by the way, so you should definitely talk to us if you think you might be itemizing this year.
Since this article is about record keeping, just remember that you need to keep your tax paper work for at least seven years, and you should keep your actual returns forever. This stuff can be very important to protect yourself in the event of an audit. Check out more information on keeping your records here, or make an appointment with us to talk about it.