Tax records should be kept on a year-round basis. Without maintaining these records year-round, you can lose valuable deductions by forgetting them on your tax return.

Which Records Are Important?

Records of income received
Expense items, especially work-related
Home improvements, sales and refinances
Investment purchases and sales information
The documents for inherited property
Medical expenses
Charitable contributions (records vary with the value of the gift)
Interest and taxes paid
Records on nondeductible IRA contributions

Without maintaining these records year-round, you can lose valuable deductions ...