The IRS has made it known that they will be stepping up their enforcement on tax returns. With that in mind, here's a list of information you should retain for your 1040:
INCOME ITEMS:
W-2's
1099's
K-1's
DEDUCTION ITEMS:
Medical Expenses (although very few people have enough to deduct)
Real Estate Tax Bill along with proof of payment
Mortgage 1098's
Charitable Contributions (The IRS has stated that you should either have a letter from the charitable organization OR a cancelled check)
The IRS has expressed concern regarding the overstatement of deductions. So it is especially important to have proof of the deductions you are taking.
Mike
Wednesday, January 2, 2008
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