Important Tax Documents That Should Be Saved

It is that time of the year again where people are going to begin putting together their tax returns.  This article discusses some of the important documents that tax payers should keep.  Tax payers should keep a copy of all their returns that they have filed along with proof of the filing.  It is also a good idea to make a list of capital improvements that were ever made on a home or property and save things like receipts or other forms of proof that payment was made on these improvements.  Documents related to any acquired or inherited property should also be saved by tax payers.  Keeping good detailed records can save a tax payer a lot of trouble and hassle if problems ever arise. 

See Barbara E. Weltman, Tax Documents You Should Always Keep, Investopedia, November 6, 2015.