Record Keeping

Homeowner Records: What to Keep and for How Long 2022

Homeowner Records: What to Keep and How Long

Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means. You should also keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis.

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Russo CPA Tax Tips Image: Social Security card artwork

Requesting a Tax Transcript From the IRS

Filing an error-free tax return is key to taxpayers getting any refund they are due as soon as possible. Using Online Account on the IRS website is the fastest and easiest way to see account information such as estimated tax payments, prior year adjusted gross income, and economic impact payment amounts. Taxpayers who don’t have an account will need to create one.

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RUSSO CPA Blog: Keeping good tax records

What To Know About Keeping Good Tax Records

It’s January, and tax season is right around the corner. For many people, that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing you’d kept on top of it during the year so you could avoid this scenario yet again. With this in mind, here are seven suggestions to help taxpayers like you keep good records throughout the year:

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Minimizing Capital Gains Tax on Sale of a Home

Minimizing Capital Gains Tax on Sale of a Home

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home.

The IRS home sale exclusion rule allows an exclusion of gain up to $250,000 for a single taxpayer or $500,000 for a married couple filing jointly. This exclusion can be used over and over during your lifetime (but not more frequently than every 24 months), as long as you meet certain ownership and use tests.

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Recordkeeping Tips for Individuals and Businesses

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year.

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Ready to File? This Tax Records Checklist Will Help

If you’re a taxpayer who has not yet filed their 2019 tax return, you may be getting ready to do so now. One of the first things you will need to do – before visiting your tax preparer – is to gather all of your year-end income documents. Doing so ensures that your tax return is complete and accurate.

Here are some of the documents taxpayers need to have on hand:

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Tax Planning Includes Keeping Good Records | Seven Helpful Tips

It’s January and tax season is right around the corner. For many people that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing you’d kept on top of it during the year so you could avoid this scenario yet again. With this in mind, here are seven suggestions to help taxpayers like you keep good records throughout the year:

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