Saving Time and Taxes Through Good Recordkeeping

Most likely, many of you face an endless stream of paperwork on the job, and the last thing you want to read about is what kinds of records you need for tax purposes.

But maintaining the necessary records is critical to substantiating deductions, credits, and income for purposes of computing your tax liability. In addition, maintaining good records helps you to defend against an IRS assessment and the imposition of interest and penalties as long as the statute of limitations for a particular tax year is open. An added benefit: Organized records will help your tax adviser work better for you and should minimize the cost of tax services.

To read more, please become an AAII Registered User or CLICK HERE.