Self-employed taxpayers report their business income and expenses on Schedule C. Schedule C can seem daunting, but filing will be easier if you plan ahead and keep good records. In the full TurboTax article, we’ve broken down the form into sections, so you can see what the IRS expects from you and what records you’ll need at tax time.
Dropping a tax check in the mail doesn’t mean you can then throw out the paperwork. If the IRS or state government questions your deductions or business losses, you may need a copy of your return—not to mention W-2s and other documentation—to prove your return was accurate. However, there are limits to how far back the government can look. To find out more, see the full TurboTax article.
With tax season behind us, now is perfect time implement your year-round money management strategy to make tax time a breeze. Not sure where to start? See the TurboTax article tips to transition from a “tax season” mindset to a “tax year” approach and save yourself some sleepless nights.
The tax deadline has come and gone, but keeping good records is a year-round task. Keeping good tax records doesn’t have to mean an overflowing desk drawer or shoebox. Plenty of online tools can help keep even your offline tax records organized. See the full TurboTax article for details.
Are you a driver for a car sharing company, such as Uber or Lyft?
Watch this TurboTax tax tip video for helpful information on filing taxes as a car sharing driver for Uber, Lyft and others.
You should store your tax information and documentation, including a copy of your tax return, for safe keeping – just in case you need to reference back to it. But for how long? Learn all about storing tax documentation in this recent TurboTax Blog post: “Now That I’ve Filed, What Should I Do With my Records?”
Did you receive a 1095-B or 1095-C form in the mail? Simply check it for accuracy and keep it for your records.
According to the IRS, you must keep the records needed to substantiate all your income and deductions available for inspection.
Learn how to keep your tax and financial information in order in preparation for unexpected disasters. Expect the best, prepare for the worst.
Goodbye tax season! But wait, what records should I keep?
This is a really fun way to store tax your tax documents. Learn more in our article: Tax Records – The What, How, and How Long Should You Keep Them?
How to store your tax records: You should always keep a set of backup records safely away from the original set.
Many people make mistakes when filling out their tax returns, but it’s not the end of the world. What is the IRS tax form 1040X? Learn more about how to amend taxes that are already filed.
If you need to recover a tax return from previous years, you have a few options. Learn how to recover past tax returns in this helpful video from TurboTax.
Here are the top 8 year-end tax tips and some steps you can take before the end of the year to lower your 2014 tax bill.