How Long Should You Keep Any Tax Records?
Video Credit: Martha Stewart Living - Duration: 00:45s - Published
How Long Should You Keep Any Tax Records?
It's tax season.That involves compiling documentsthat support any income, deductions,and credits claimed on your tax return.How long should youhold onto these records?.Retain your tax returns for a minimumof three years after filing.You have three years to amendyour return to claim additionaleligible credits and or refunds.In addition, the three-year time period is alsothe amount of time the IRS has to audit you.While three years is the golden rule, thereare some exceptions in which you wouldkeep records for up to seven years.Keep records permanently if you don'tfile a return or if you believe you havemistakenly filed a fraudulent return
