To prepare for completing your tax return each year:
- It is a good idea to keep complete records of your tax-related financial transactions. Without good records, completing your income tax returns can be difficult.
- If you seek assistance from someone else in preparing your income tax return, that person needs thorough records of your income and expenditures.
- It is very important to keep a copy of any tax form you submit.
For information on the kinds of records you should retain, see IRS Publication 552 (4/2005), Recordkeeping for Individuals.