Whether you are an individual taxpayer or a business owner, you can avoid headaches at tax time with good records because they will help you remember transactions you made during the year. Keeping well-organized records saves you time and ensures you can answer questions if your return is selected for examination, or prepare a response if you are billed for additional tax. Generally speaking, you should keep any and all documents that may have an effect on your federal tax return.Individual taxpayers should keep the following records supporting items on their tax returns for at least three years: n Bills n Credit card and other receipts n Invoices n Mileage logs n Canceled, imaged or substitute checks or any other proof of payment n Any other records to support deductions or credits you claim on your return Shabri Moore, CFP¨ 301-631-1207 Harold Mohn, CPA 301-695-1040
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