Q&A of the Week September 1, 2021

Question:

How long do I need to keep my tax records?

Answer:

While I hope this never happens to you, it is important to hold on to your tax records in case you are audited by the IRS! The general rule is to keep tax records for three years, which is the statute of limitations for the IRS to audit a tax return.

However, the three years begins on the later date of the due date for the tax return or when your taxes are actually filed. So, please keep this in mind! Plus, you'll want to keep special tax items for seven years.

Electronic copies are accepted if they are legible, so if you want to save space, you can scan your tax records and save them to a hard drive.

For more information: https://finance.yahoo.com/news/long-keep-tax-records-ever-160017772.html