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ATLANTA, GA, August 11, 2014 /24-7PressRelease/ -- The Atlanta bankruptcy attorneys at Clark & Washington recommend that individuals organize their tax records as soon as possible. Gathering your tax documents mid-year will drastically facilitate the preparation of your tax return and not leave you hastily shuffling through numerous documents come tax season.
The documents necessary for filing your tax return vary depending on your filing status. Certain documents that are required for a person filing as a small business owner are not required for a person filing as an individual.
If you are filing as a small business owner, you'll want to make sure you keep your tax records for at least the past four years. You'll also want to keep gross receipts, proofs of purchase, expenses and assets, bank deposit slips, receipt books, sales invoices, credit card charges, sales slips, any electronic or paper correspondence, and any real estate closing statements. Small business owners have to also file Form 1099-MISC for miscellaneous expenses.
If you are filing as an individual, it's recommended by the IRS that you only keep records that support your tax returns for the past three years. You should compile documents such as bills, receipts, checks, pay stubs, property records and any other document that supports deductions or credits.
There is no specifically correct method to organize your records, but having a designated place for your tax documents and receipts is good practice. When tax season rolls around, you will be prepared and have everything you need to get your taxes done effectively and efficiently.
For more information on how to organize and file your taxes, visit http://www.cw13.com.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.cw13.com.
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