How long do I need to keep my personal tax records and associated documents?

Answer: 7 years
Explanation: You should generally keep your personal tax records and associated documents for at least 7 years. The IRS typically has a 3-year statute of limitations to audit your returns or claim a refund. However, this period can extend to 6 years if you underreport your income by more than 25%. Keeping your records for 7 years ensures that you are well-prepared in case of any audits or discrepancies. It’s a good practice to retain records that substantiate income, deductions, or credits, providing you with a secure buffer period.

Answer: Indefinitely
Explanation: We prefer that clients keeps records indefinitely.

Answer: 7 years
Explanation: We can help you save your documents securely and electronically, at no additional charge.

Answer: 3 years
Explanation: If you filed your tax returns timely, and reported your income and expenses accurately, then 3 years is the statute. Learn more at myirstaxrelief.com

Answer: 7 years
Explanation: Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction

Answer: 6 years
Explanation: Regular utility bills and statements that don't contain anything for taxes can be shredded after a year.

Answer: 8 years
Explanation: the rules are that the IRS and state can do back 3years to 6 years providing that there is no fraud involve in which case they can go back indefinitely

Answer: 7 years
Explanation: I chose the longest recommended period, however below is the IRS recommendations which vary. Period of Limitations that apply to income tax returns Keep records for 3 years if situations (4), (5), and (6) below do not apply to you. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return. Keep records indefinitely if you file a fraudulent return. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later. The following questions should be applied to each record as you decide whether to keep a document or throw it away.

Answer: 5 years
Explanation: I recommend that you keep a five year cycle of your personal tax records.

Answer: 7 years
Explanation: Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.

Answer: 7 years
Explanation: The minimum suggested is five. However with the ease of scanning there is no reason you cannot keep your old files indefinitely. Why? Occasionally you need to go way back to verify cost basis or other tax history. With complete scanned records you have the resources in place to do so quickly. Mold, vermin or other document destroying issues will not affect you.

Answer: 6 years
Explanation: 6 years because the irs can audited you for six years.

Answer: 3 years
Explanation: You should keep your tax records and documents for at least three years from the due date of the return or indefinitely if no return was filed.

Answer: 3 years
Explanation: With the personal records you really only need to keep them for 3 years from the date of filing. This is the amount of time that the IRS has to call your return into question. You should never destroyed a tax return always keep those but the supporting documents can be destroyed 3 years after the date of filing.

Answer: 5 years
Explanation: FOR REFERENCE AND IN CASE OF IRS QUESTIONS OR AUDITS

Answer: 7 years
Explanation: Maintain copies of your personal tax records for so long as the statute of limitations has not expired. Generally, the IRS has three years from the date the return was filed to make additional tax assessments on the return. If no return was filed, then the IRS has three years from the due date of the return to make the assessment. Additionally, the IRS has 10 years from the date of tax assessment to collect the taxes owed. If you under reported your income by 25 percent or more, the IRS has six years from the time the return was filed to assess additional tax. The statute of limitations is seven years for returns where a loss is claimed from a worthless security.

Answer: 5 years
Explanation: Five years is a safe time unless you have a fraud case at which case keep your records indefinitely