start to the tax filing
this season - necessitated on the IRS's end by the government shutdown of a few
months ago - may give consumers a little more time to get their affairs in
order, but there might still be some confusion about exactly what kind of
documents they will need to show their status.
the only kind of proof consumers will need to have when it comes to
filling out their returns for another year are those related exactly to the
things they are listing on their tax forms, according to a report from the
Dallas Morning News. For instance, companies for which a person has worked are
required to give them W-2 forms, and these are often enough to satisfy most IRS
requirements; however, those who received additional income from other sources
- such as through independent contracting, interest, dividends, and so on -
will need to have some type of 1099.
most cases, the IRS doesn't require you to keep records in any special manner,
but you should keep any and all documents that may have an impact on your
federal tax return," Clay Sanford, IRS spokesman in Dallas, told the
newspaper. "It's important to get into this routine, because you may
forget expenses that qualify as deductions unless you record them when they
other records will be necessary?
For those who are claiming deductions for qualifying charitable contributions
made throughout the year, it will be important to have receipts for those
donations, the report said. For donations of less than $250, this can be a
canceled check or credit card receipt, but those exceeding that amount will
require written proof for each separate donation. Finally, consumers will also
need to provide documentation for every itemized deduction they are claiming,
such as mortgage interest, travel miles, property taxes, medical expenses, and
so on. These can be as simple as receipts, invoices, or canceled checks.
to know exactly what consumers need on an individual basis given their unique
filing situations, it will likely be wise to consult with a tax professional to
ensure they are not overlooking anything, and are fully aware of everything
they will have to provide at the end of the year.
For a more
in-depth look at Liberty Tax Service, visit the Give Me
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Liberty Tax directly at 1-877-at-Liberty.