If you think the heat is sweltering now, just remember the amount of sweat you generate when the tax deadline begins to approach in April.

The Internal Revenue Service (IRS) suggests devoting some time mid-year to organizing your tax records in order to make it easier for you to prepare you tax return when the filing season arrives.

So while you are inside enjoying the AC, think about these tips for individuals and small business owners from the IRS regarding recordkeeping:

• What to keep – Individuals: Keep records that support deductions or credits claimed on your tax return for at least three years after that tax return has been filed (bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks or other proof of payment). You should typically keep records relating to property at least three years after you’ve sold or otherwise disposed of the property (home purchase or improvement, stocks and other investments, Individual Retirement Account transactions and rental property records).
• What to keep – Small Business Owners: Keep all your employment tax records for at least four years after the tax becomes due or is paid, whichever is later. Also, keep records documenting gross receipts, proof of purchases, expenses and assets (cash register tapes, bank deposit slips, receipt books, purchase and sales invoices, credit card charges and sales slips, Forms 1099-MISC, canceled checks, account statements, petty cash slips and real estate closing statements). Electronic records can include databases, saved files, emails, instant messages, faxes and voice messages.
• How to keep them: Although the IRS generally does not require you to keep your records in any special manner, having a designated place for tax documents and receipts is a good idea. It will make preparing your return easier, and it may also remind you of relevant transactions. Good recordkeeping will also help you prepare a response if you receive an IRS notice or need to substantiate items on your return if you are selected for an audit.