IRS Publication 552 - Recordkeeping For Individuals

DEFINITION of 'IRS Publication 552 - Recordkeeping For Individuals'

A document published by the Internal Revenue Service (IRS) that provides information on which documents to keep on file and for how long, for tax filing purposes. The IRS suggests keeping accurate records in order to identify sources of income, keep track of expenses and to be able to back up information provided in the tax return. IRS Publication 552 does not indicate the method of record keeping.

BREAKING DOWN 'IRS Publication 552 - Recordkeeping For Individuals'

Keeping accurate records and having those records readily accessible makes tax filing easier, and is essential for setting the appropriate cost basis for the sale of investments and property.


IRS Publication 552 outlines the type of records that individual taxpayers should keep, not businesses. Refer to Publication 583 for business record keeping.

RELATED TERMS
  1. IRS Publication 17

    A document published by the Internal Revenue Service that outlines ...
  2. IRS Publication 501

    A document published by the Internal Revenue Service that covers ...
  3. IRS Publication 550

    A document published by the Internal Revenue Service (IRS) that ...
  4. IRS Publication 15 - Employer's ...

    A document published by the Internal Revenue Service detailing ...
  5. IRS Publication 544

    A document published by the Internal Revenue Service (IRS) that ...
  6. IRS Publication 509: Tax Calendars

    A document published by the Internal Revenue Service that provides ...
Related Articles
  1. Personal Finance

    Always Keep These Tax Documents

    It's tempting to ditch them. But make a practice of this very specific group of tax papers. It can save headaches and pay off in tax savings.
  2. Personal Finance

    Explaining Tax Returns

    A tax return is the form or forms used to file income taxes with the IRS.
  3. Personal Finance

    Should You File An Early Tax Return?

    When it comes to filing your taxes, it can often pay to wait until the deadline.
  4. Personal Finance

    Inaccurate Tax Return, Now What?

    If the IRS finds errors, it will cost you. Find out how to fix them, and how to prevent them in the first place.
  5. Personal Finance

    Newlyweds? Tips For Filing Your Tax Return

    For many couples, it pays to file for taxes together. But what are some of the obstacles you should watch out for?
  6. Personal Finance

    What's IRS Form 1040 For?

    Most U.S. taxpayers will be familiar with the 1040. By the end of filling it out, you'll know how much tax you owe, or what your refund is.
  7. Personal Finance

    How to File Your Child's First Income Tax Return

    Use this quick parental guide to help your child learn the tax filing process and establish good habits.
  8. Personal Finance

    Get a 6-Month Tax Extension

    Discover how to get some extra time from the IRS, without paying a hefty penalty for the privilege.
  9. Personal Finance

    Is Your Online Tax-Prep Service Secure?

    News that even IRS-approved online tax-prep companies can fail a cybersecurity test is worrying. Here are steps to keep your personal tax data safe.
  10. Personal Finance

    How to Use the IRS Website

    The IRS website is vast, but it offers plenty of easy-to-understand information even if you’re not a tax attorney. Here’s some help with navigating it.
RELATED FAQS
  1. How Long Should I Keep My Tax Records?

    Having the right information available when the IRS calls can save you considerable time, money and stress. Learn how long ... Read Answer >>
  2. How long do I need to keep income tax records?

  3. Does everyone have to file a federal tax return?

    This may come as a surprise to many individuals, but not everyone needs to file a federal tax return. According to the IRS, ... Read Answer >>
  4. What real estate documents need to be recorded?

    Learn how recording documents on real estate transactions, such as deeds, mortgages, easements and taxes, help ensure proper ... Read Answer >>
  5. Is a private company required to disclose financial information to the public?

    Understand whether a private company is required to disclose financial information to the public. Learn what is required ... Read Answer >>
  6. How do I use the IRS Free File tax forms?

    Free File is a way for taxpayers to prepare and file their federal taxes online for free. The service is available to individuals ... Read Answer >>
Hot Definitions
  1. Quantitative Trading

    Trading strategies based on quantitative analysis which rely on mathematical computations and number crunching to identify ...
  2. Bond Ladder

    A portfolio of fixed-income securities in which each security has a significantly different maturity date. The purpose of ...
  3. Duration

    A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. ...
  4. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  5. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  6. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
Trading Center