If you choose the standard deduction, you cannot itemize your deductions. The standard deduction, which is a dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status.Examples of deductions you may use when filing taxes include: X Research source EY Tax Guide 2015, Part III. The government will let you deduct certain expenses from your taxes provided they fall within parameters. Other investment records you may need include brokerage statements, mutual fund statements, and receipts for collectibles.If you own a home, you should also keep several records associated with those costs, including closing statements, proof of payment, insurance records, and receipts for improvement costs.You should also keep various records of expenses, including sales slips, invoices, receipts, canceled checks or other proof of payment, and written communications from qualified charities.In addition to W-2s and 10992, you should keep income verification records such as bank statements and brokerage statements.Additionally, if you get into a dispute with the IRS regarding the amount of taxes you paid or the refund amount you received, you can use your records as proof and support for your position. Keeping these records will ensure that you can properly report your income and properly deduct your expenses on your tax return. There are certain personal records that you should keep for your own reference, even though the IRS does not require them unless there is some type of tax dispute.
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