What records do I need to keep to prove my deductions?

Properly keeping records is essential for filing your Virginia taxes and taking deductions. Depending on the type of deduction you are claiming, you may need to keep certain records for a certain period of time. For instance, if you are claiming a medical expense deduction, you will need to keep the receipt of any medical expenses you paid for. This includes prescriptions, doctor visits, and other medical expenses that you paid for out of pocket. You should make sure that each receipt has your name and the date the expense was incurred. You should also keep a record of any health insurance premiums you paid. If you are claiming a deduction for business expenses, you should keep a record of all the expenses you paid for. This includes receipts, invoices, and other documents related to the expenses. You should also keep an accurate record of your income, such as records of sales or deposits. You should also keep track of any business mileage or travel expenses that you have incurred. For other deductions, such as charitable contributions, you should keep a copy of your donation receipt or the letter of acknowledgement from the charity. Also, if you are claiming a deduction for investments, such as stocks or bonds, you should keep a record of any statements or receipts you received. By keeping accurate records of your deductions and other pertinent information, you can ensure that you are fully prepared and organized when it comes to filing your Virginia taxes.

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What records do I need to keep to prove my deductions?

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