Save Electronic Checks for Your Taxes

November 1, 2004 09:16 PM

Save Electronic Checks for Your Taxes

Excerpt: No later than the end of the year, go to the bank's Web site and print out all the check images you'd need to verify your return. Keep them in your tax files.

If my bank stops sending canceled checks, what would I need to keep for tax time to prove I made a charitable contribution or a deductible business expense? And what about bills I paid through my bank's online bill-paying service -- what documentation do I need to keep for my taxes when I pay bills that way?

The Check Clearing for the 21st Century Act -- also called Check 21 -- goes into effect Thursday. The new rules make it easier for banks to process checks electronically without having to wait for paper checks to physically change hands. But most of the changes are behind the scenes. You'll still have plenty of documentation for your tax files.

Your bank may no longer send you the canceled checks, but you should still be able to download copies of the canceled checks from the bank's Web site or you may receive images of canceled checks with your bank statement, generally at no extra cost, says Richard Winston, a partner in the financial services group of Accenture, a management consulting and technology services company. The IRS accepts either of those documents for tax purposes.

READ FULL STORY ...

"Check 21" Starting in Late October (November 03, 2004)

You've probably bought something in a store with a check even though you don't have the money in your account at the time. You figure you have a few days for the check to clear, and by then the money will be there. It's called ...

Gift Cards 04 (November 03, 2004)

The number of consumers who purchase gift cards for themselves has skyrocketed from 2% in 2003 to 21% this year. Of these self-givers, one in five say they use the cards to purchase cheaper gas from large discounters where cash and credit are not accepted ...

Read all 22 posts in the same category of Banking:

Going Online To Balance Family Budget - Feb 17, 2005
Banks Speed Process For Opening Online Accounts - Feb 04, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Momentum Is Gaining for Cellphones as Credit Cards - Jan 10, 2005
Rebels With A Cause, And A Business Plan - Jan 01, 2005
Banks Boost Customer Incentives, But Rates on Savings Remain Low - Dec 27, 2004
Online Bill Paying: How To Get Started - Dec 27, 2004
Banks Test ID Device for Online Security - Dec 24, 2004
Paper Checks Going Bye-Bye? - Dec 08, 2004
Check It Out: Incentives to Pay Bills Online - Dec 07, 2004
'Gift Cards' May Come Loaded With Fees - Nov 29, 2004
Where To Keep Your Rainy Day Fund - Nov 29, 2004
What's Your Bill-Paying Personality? - Nov 28, 2004
Debit Cards Lack Protections Of Credit Cards - Nov 28, 2004
A New Era In Banking Begins - Nov 25, 2004
Automatic Debit Scams - Nov 22, 2004
Bank Accounts Fail To Follow Fed's Lead - Nov 12, 2004
ChexSystems Puts Him In Penalty Box - Nov 09, 2004
"Check 21" Starting in Late October - Nov 03, 2004
Gift Cards 04 - Nov 03, 2004

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