-Adjust your paycheck withholding with a Form W-4 so you get your next tax refund now. Do you want your tax refund in your paycheck? Recent IRS statistics show that almost 100 million of all Americans get a tax refund check, and the average refund check is $2,400. So why not get some of this refund now as part of your regular paycheck? Every month most taxpayers pay an average of $200 too much in income taxes.
-The IRS recommends that you keep all tax-related records for 3 years in case of an audit. However, old tax documents (such as last year's W-2's) can come in handy when you are filling out your current year's tax return. An example of some of the tax records you should store from previous years (and reference for next year's income tax return) is listed below. If you prepare and eFile via eFile.com part of our customer service is to provide you a PDF copy of your IRS and State tax returns for the past 5 years. This is not an exhaustive list and you my have additional forms or receipts that are not listed below. TIP: To make your mountain of documents easier to store, try scanning them and keeping them as PDF files. This way, you can print them out if you need them. If you do this, please remember to back up your computer files!
W-2 forms
Pay stubs for the year
Home mortgage payment stubs and/or home purchase closing statement
Last year's tax return (for quick reference and comparison)
Receipts from anything you might claim as an itemized deduction
Receipts from any charity (e.g. for clothing donations, church tithes, disaster relief donations, etc.)
Car mileage log (in case you intend to claim it as a business expense)
Any receipts for business travel expenses
Canceled checks (especially for IRA contributions and other deductions)
Credit card statements and bank statements (these can be used to verify any deductions)
Medical bills (especially if they exceed 7.5% of your income)
1099-G form (for deducting state or local income taxes)
1099 forms (from any dividends or other income paid to you)
Mobile phone bills (especially if you made charitable donations by text message)
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