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Records needed for tax preparation



By AP
15 February 2008 @ 12:17 pm EST

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--Total paid for day care, and tax identification number for daycare provider.

--Identifying documents -- such as a Social Security card or driver's license -- for you and your spouse in certain tax situations, such as when claiming the earned income tax credit.

--A bank routing number and an account number for direct deposit of refund.

--Remember to keep a copy of your tax return and supporting documents for at least three years from the date you file the return. Many tax advisers say you should keep these for six years. Some records should be kept much longer. This includes anything needed to calculate a cost basis for IRAs and other investments that may be sold many years in the future. When in doubt, save.

Copyright 2008 The Associated Press. All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

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