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Tax Saver

Tax $avers

Audit Checklist

1. What Records to keep

The requirements of what to keep vary depending on the area under review by the IRS.  To assist you in keeping good records, included in this brochure is a Specific Retention Requirements chart that summarizes record requirements.  The chart outlines records needed for each area  of your tax return.

2. What is Required As Proof

So, you've kept your records for the right time frame, but teh IRS says you must prove your claimed deducations.  The trick here is that "PROOF" has a sliding definition depending upon what is being reviewed.

  • Amount
  • Date of Payment
  • Who the Payment was made to (payee)
  • Purpose of Payment

Specific Retention Requirements 

Adoption       Bills, canceled checks, legal agreements, receipts
Child Care Bills, canceled checks, statement from child care provider
Medical & Dental Bills, canceled checks, statements, receipts, mileage log
Mileage Log Date, miles driven, to/from destinations, purpose, PLUS; expenses for tolls, parking fees, taxi and bus fares
Interest Statements, notes, canceled checks, Form 1098 (mortgage) or Form 1099 (interest and dividends)
Taxes Form W-2, canceled checks; statements
Miscellaneous Receipts, canceled checks, statements

Charitable Contributions Requirements

Cash Donations

Amount Required Proof
less than $250 Canceled check and receipt from charity or bank statement
$250 or more Same as above PLUS charity acknowledgment or payroll records

Donation of Property (in good or better condition)

Amount Required Proof
less than $250 Receipt from charity with date; location; names; and property description PLUS written record of each item donated