Every time tax season comes and goes it allows you to breath a sign of relief until it returns again next year. Why cause yourself unnecessary stress every tax year when there is something that you can do about it now? Managing your tax records will make doing your taxes year after year a whole lot easier. According to the Internal Revenue Service, you should plan on keeping your tax records for a minimum of three years. What about other records such of large purchases or the sale of large items such as stocks and houses? These large ticket items should be keep much longer than three years according to the IRS. Although the IRS does not specify how and what to keep, you really should keep all the documents that pertain to your tax 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 and help to reduce your stress levels but it may also help you to get credits and deductions that you were not aware of. By keeping an eye on changes all year long instead of only on tax month you might be able to find a loop-hole that will get you a really nice return on next years taxes. Here is a list of some items that you may not have been aware of that you can deduct such as: unreimbursed medical costs, home mortgage interest, and college tuition. Besides these possible deductions, you may also be able to take advantage of: energy-efficient property, child-care, retirement, college tuition, and more. Reduce your stress now and in the future when you manage your tax records year round.
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