Questions: To file your taxes, you need to start by collecting all the necessary documents. Which answer selection is the best describing what is needed? A record of your income and receipts for any deductions you want to claim Receipts of all purchases that you made in the past year Spreadsheets of all banking and investing accounts that you have A record of stocks and bonds that you bought in the past year

To file your taxes, you need to start by collecting all the necessary documents. Which answer selection is the best describing what is needed? A record of your income and receipts for any deductions you want to claim Receipts of all purchases that you made in the past year Spreadsheets of all banking and investing accounts that you have A record of stocks and bonds that you bought in the past year
Transcript text: To file your taxes, you need to start by collecting all the necessary documents. Which answer selection is the best describing what is needed? A record of your income and receipts for any deductions you want to claim Receipts of all purchases that you made in the past year Spreadsheets of all banking and investing accounts that you have A record of stocks and bonds that you bought in the past year
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Solution

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Answer

The answer is: A record of your income and receipts for any deductions you want to claim

Explanation
Option 1: A record of your income and receipts for any deductions you want to claim

This is the best answer because when filing taxes, you need to report your income and provide documentation for any deductions you wish to claim. This includes W-2 forms from employers, 1099 forms for other income, and receipts for deductible expenses such as charitable donations, medical expenses, and business expenses.

Option 2: Receipts of all purchases that you made in the past year

While some receipts may be relevant for deductions, not all purchases are deductible. Therefore, having receipts for all purchases is not necessary and would be excessive.

Option 3: Spreadsheets of all banking and investing accounts that you have

While it is useful to have records of your banking and investment accounts, spreadsheets alone are not sufficient for tax filing. You need specific forms like 1099-INT for interest income and 1099-DIV for dividends.

Option 4: A record of stocks and bonds that you bought in the past year

This information is relevant for capital gains and losses, but it is not comprehensive enough for filing taxes. You need a complete record of all income and deductible expenses.

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