With the holidays  coming up and the year wrapping up, now is the perfect time to get sorted for the upcoming tax season. Since we have two short months until we usher in a new year, be sure to account for and keep good records now to reduce that end of year scramble and anxiety. Here at 20/20 Tax Resolution, we’ve put together a few tips to help you maintain a stress-free end of year.

1. Although, it is not a requirement to keep records in a special way it is good practice to keep and organize any documents that may have impacts on a federal tax return. These records include, statements, documents and receipts.
   

2. Individuals should keep the following records for at least three years: bills,  credit card statements/receipts, invoices, substituted checks or proofs of payments, records supporting deductions or credits. Any documents as they are related to home purchases, investments, retirement plans, and rental properties are a good idea to keep for at least three years after as well.

3. For small business owners, you must keep all employment tax records for the last four years however, other important documents to organize and file are: gross receipts, proofs of purchases, expense documents, documents to verify assets
   

Stay tuned for more solutions to end of year tax problems from your 20/20 Tax Resolution Team in upcoming posts