When it comes to tax deductions, the Idaho State Tax Commission suggests keeping accurate records of several types of documents to substantiate your claims. It is important to retain any receipts for expenses that you plan to deduct, such as medical costs, home office expenses, and charitable contributions. In addition, documentation for any business-related expenses, such as invoices and bank statements, should be saved. For certain deductions, like mortgage interest or property taxes, official statements from lenders or government entities can be essential.
If you receive any form of income, it is wise to keep records of all income statements or documents. By maintaining organized records, you will be better prepared if you are ever audited or need to clarify a deduction. It may be beneficial to check the Idaho State Tax Commission's current web page for more specific guidelines on record-keeping requirements and to ensure you have all necessary documentation.