TAX RECORDS – HOW LONG DO I KEEP THEM?

A common question I get every year is, “How long to I need to keep my tax record for?”

I tell my clients this: Keep seven years of tax returns and three years of backup documentation. The IRS can only go back three years to audit. However, if they suspect fraud, the IRS can go back seven years! Some like to keep their returns longer. I have clients that tell me they have returns dating back 30 years. That is most likely not needed.

I recommend keeping all your returns in one small folder storage. That way all your returns is together in one place every year!

If you have any questions, please feel free to contact me at [email protected].