What documents do I need to support my deductions or credits?

When it comes to supporting deductions or credits on your New York State tax return, it is essential to have the right documentation. The New York State Department of Taxation and Finance recommends maintaining thorough records to substantiate your claims. Generally, the documents you will need depend on the specific deductions or credits you are claiming. For itemized deductions, you may need to provide documents such as receipts for medical expenses, property tax statements, mortgage interest statements, and records of charitable donations. For business expenses, keeping receipts, invoices, bank statements, and mileage logs can be vital in substantiating your business deductions. If you are claiming credits, such as the Earned Income Credit or the Child and Dependent Care Credit, be prepared to show relevant documentation as well. This could include income statements, proof of residency for dependents, and documentation of expenses paid. Additionally, for tax credits related to educational expenses, you will want records of tuition payments, financial aid statements, and Form 1098-T if applicable. The New York State Department of Taxation and Finance emphasizes that both detailed records and supporting documents are crucial for justifying your claims in the event of an audit. It is advisable to retain your records for a minimum of three years after the tax return is filed. For specific information regarding which documents are necessary for particular deductions and credits, visiting the official website of the New York State Department of Taxation and Finance can provide detailed guidance and current updates.