Saving Time and Taxes Through Good Recordkeeping
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.
In this article
- Form versus Substance
- Important Records that Might be Overlooked
- "Sell" instructions to brokers for securities or mutual funds
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