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 15 - Employer's ...

    A document published by the Internal Revenue Service detailing ...
  2. IRS Publication 542

    A document published by the Internal Revenue Service (IRS) that ...
  3. IRS Publication 929: Tax Rules ...

    A document published by the Internal Revenue Service (IRS) that ...
  4. IRS Publication 587: Business Use ...

    A document published by the Internal Revenue Service (IRS) that ...
  5. Form 2848: Power of Attorney and ...

    A tax form distributed by the Internal Revenue Service (IRS) ...
  6. IRS Publication 538

    A document published by the Internal Revenue Service (IRS) that ...
Related Articles
  1. Taxes

    How to Organize Your Documents for Tax Season

    Knowing what documents you need and keeping them organized can help make filing a tax return less painful.
  2. Taxes

    Is Filing an Early Tax Return a Good Idea?

    Filing an early tax return makes sense if you are receiving a refund, but what if you owe tax? There are more reasons to file early than just a refund.
  3. Taxes

    It's Tax Season, Are You Prepared?

    It's tax season again. Use these tips to be prepared to file and protect yourself from cybercrime.
  4. Taxes

    4 Ways Business Owners Can Reduce Tax Time Stress

    Business owners who implement these strategies throughout the year will find filing taxes less stressful.
  5. Investing

    Fidelity Investments: Filing Taxes Early Saves Money, Protects From Identity Theft

    Here's a way to protect yourself from identity theft courtesy of Fidelity Investments: file your taxes early.
  6. Taxes

    Partnership Tax Filing Deadline is Now March 15th

    The deadline is now a month earlier than last year, but you can still file for an extension.
  7. Investing

    Understanding The Top SEC filing forms

    It's easier than ever to keep track of your SEC filing status online.
  8. Taxes

    4 Things to Know Before Filing Taxes This Year

    Keeping these four things in mind will help this tax season go more smoothly for you.
  9. 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?
  10. Taxes

    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.
RELATED FAQS
  1. Is a private company required to show financial information?

    Understand whether a private company is required to disclose financial information to the public. Learn what is required ... Read Answer >>
Hot Definitions
  1. Fibonacci Retracement

    A term used in technical analysis that refers to areas of support (price stops going lower) or resistance (price stops going ...
  2. Ethereum

    Ethereum is a decentralized software platform that enables SmartContracts and Distributed Applications (ĐApps) to be built ...
  3. Cryptocurrency

    A digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of ...
  4. Financial Industry Regulatory Authority - FINRA

    A regulatory body created after the merger of the National Association of Securities Dealers and the New York Stock Exchange's ...
  5. Initial Public Offering - IPO

    The first sale of stock by a private company to the public. IPOs are often issued by companies seeking the capital to expand ...
  6. Cost of Goods Sold - COGS

    Cost of goods sold (COGS) is the direct costs attributable to the production of the goods sold in a company.
Trading Center