What information do I need to do my taxes?
Keep detailed records of your income, expenses, and other information you report on your tax return. A good set of records can help you save money when you do your taxes and will be your trusty ally in case you are audited.
I am not a US citizen. Do I still need to file taxes?
Yes! If you generate money on US soil, you must file taxes. There are many tax credits available for individuals filing in two countries, including the Foreign Tax Credit.
Should I keep my old tax returns? If so, for how long?
Yes, keep your old tax returns. Tax experts agree that tax returns should be kept for up to 7 years.
What other types of tax records should I keep?
Keep the following types of records: Records of capital assets, such as coin and antique collections, jewelry, stocks, and bonds; Records regarding the purchase and improvements to your home; Records regarding the purchase, maintenance, and improvements to your rental or investment property.