Tips for Doing & Managing Tax Records

Another tax season has come and gone. But just because you don’t have to look at those forms for at least a year does not mean that you should not be thinking about them once in a while. Managing your tax records will make doing your taxes a whole lot easier. According to the Internal Revenue Service, you should plan on keeping your tax records for a minimum of three years. Other records such of large purchases or the sale of large items such as stocks and houses should be keep much longer than three years. Although the IRS does not specify how and what to keep, you really should keep all the documents that pertain to your return. Anything that supports your credits or deductions should also be kept with your records. Managing your taxes throughout the year will not only allow you to get them done quicker but may also help you to get credits and deductions that you were not aware of because you were keeping an eye on changes all year long instead of only on tax month. Some of the items that you may not have been aware of that you can deduct include: home mortgage interest, unreimbursed medical costs, college tuition, and more. There are also an array of tax credits that you might be able to take advantage of if you know about them ahead of time such as: child-care, energy-efficient property, college tuition, retirement, and more.

If you are ready to take the steps you need to stay on top of your taxes year round than good for you. When tax time comes let H&R Block help you to get the most out of your recording keepings. At H&R Block you will have experts looking at your taxes so that everything goes well and you don’t get a letter from the IRS. H&R Block is your solution to difficult tax questions and with their partnership with Groupon Coupons¬†you can save money.

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Managing your tax records year round will allow for an easier time when tax season is upon us. Be sure to use H&R Block combined with Groupon Coupons for serious money saving deals.

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