Business November 17, 2010 THE VILLADOM TIMES I • Page 9 You may not be thinking about your tax return right now, but now is a great time to start planning for next year and to make sure your records are organized. Maintaining good records can make filing your return a lot easier and it will help you remember transactions you made during the year. “Here are a few things the IRS wants you to know about recordkeeping,” said Gregg Semanick, Internal Revenue Service New Jersey spokesperson. Keeping well-organized records also ensures you can answer questions if your return is selected for examination or prepare a response if you receive an IRS notice. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, you should keep any and all documents that may have an impact on your federal tax return. Individual taxpayers should usually keep the following records supporting items on their tax returns for at least three years: • Bills • Credit card and other receipts Keeping good records now reduces stress at tax time • Invoices • Mileage logs • Canceled, imaged, or substitute checks or any other proof of payment • Any other records to support deductions or credits you claim on your return You should normally keep records relating to property until at least three years after you sell or otherwise dispose of the property. Examples include: • A home purchase or improvement • Stocks and other investments • Individual Retirement Arrangement transactions • Rental property records If you are a small business owner, you must keep all your employment tax records for at least four years after the tax becomes due or is paid, whichever is later. Examples of important documents business owners should keep include: • Gross receipts: Cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips and Forms 1099-MISC • Proof of purchases: Canceled checks, cash register tape receipts, credit card sales slips, and invoices • Expense documents: Canceled checks, cash register tapes, account statements, credit card sales slips, invoices and petty cash slips for small cash payments • Documents to verify your assets: Purchase and sales invoices, real estate closing statements, and canceled checks For more information about recordkeeping, check out IRS Publications 552, Recordkeeping for Individuals, 583, Starting a Business and Keeping Records, and Publication 463, Travel, Entertainment, Gift, and Car Expenses. These publications are available at IRS.gov or by calling 800TAX-FORM (800-829-3676). AAA Traffic Safety Award (continued from page 8) E’s” of traffic safety: engineering, education, and enforcement. Pam Fischer, director of the New Jersey Division of Highway Traffic Safety, was a guest speaker at the luncheon. She congratulated the law enforcement officers in attendance for their dedication to traffic safety and AAA North Jersey for its efforts to make the state’s roadways safe for pedestrians, bicyclists, and motorists. More than 200 municipal, county, and state officials attended the award luncheon. AAA North Jersey is the local Triple-A affiliate servicing over 400,000 members in Passaic, Bergen, and Hudson counties. The AAA sponsors the annual awards program to recognize the participating communities for their efforts to improve traffic safety and provide a safe community for their citizens. The Holidays can be a difficult time, and we would like to help by making available the booklet: Experiencing the Holidays and Special Occasions Without a Loved One Anyone can obtain a copy at Feeney’s or at: The Glen Rock Library The Ho-Ho-Kus Library The Ridgewood Library Grief and the Holidays ����������������������� ������������������� ��������������������� ������������� ����������������� �������������� ������������� ����������� ����������������� ����������������� � ���������� 232 Franklin Ave., Ridgewood, NJ • 201-444-7650 “A Proud Member of the Carriage Funeral Service Network” David B. Feeney, Manager, CFSP, CPC • NJ Lic. No. 3482 Ginny Sanzo. CFSP, CPC • NJ Lic. No. 4553 www.feeneyfuneralhome.com ������������������������� ��������������