07/15/2022

Maximize Your Tax Filing Preparedness and Awareness

There's essential documentation to retain

Even though last year’s tax filing may be in the rearview mirror (if you did not file an extension), it's not too early to think about tax preparation for this year. One of the biggest impediments to completing individual and corporate tax returns is lack of proper documentation and recordkeeping.

To make your life easier, we have provided some reminders of the types of documentation and records that support your annual tax return and suggestions for maximizing your tax filing preparedness between now and next April.

Retain requisite records

If there is a specific issue with your tax return, the IRS has years to audit your information. It's critical to maintain the records you may need to defend yourself. You generally need to keep the documents that support your income, deductions and credits for at least three years after a tax-filing deadline (Note: No time limit applies to how long the IRS has to pursue taxpayers who don't file or file fraudulent returns).

Please select this link to read the complete article from OSAP Strategic Partner Clark Schaefer Hackett (CSH).