The law does not require any special form of records. However, you should keep all receipts, canceled checks or other proof of payment, and any other records to support any deductions or credits you claim.

If you file a claim for refund, you must be able to prove by your records that you have overpaid your tax.

Ensure you keep a tax diary on computer software or a journal. Most people have moved from handwritten tax diaries to automated software programs that help track income, expenses. Keeping a regular tax diary and all your receipts in an organized manner is liable to save you money in taxes or preparation in the long-run. If a CPA has to make all the calculations by hand from your receipts, they are going to charge a large hourly rate to do so. If a receipt gets lost and you have no other records, you are bound to miss out on valuable tax deductions.

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