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After going through the annual chore of filing tax returns, make sure you properly store your documents in the event of an audit.
A woman researching how long she has to keep state tax returns and other documents. You may need to keep documents concerning state taxes for longer than federal taxes because regulations differ ...
There are no federal guidelines indicating one should keep their tax records forever. However, Wybar said there may be other reasons to retain these documents indefinitely.
For example, if your tax return is due April 15, but that date falls on a Saturday, then your tax return due date is forwarded to the first business day following April 15, or Monday, April 17. However, if a deadline falls on a Sunday, the requirements for the exchange must be met no later than the last business day prior to the deadline date ...
Take it from someone who has a hoard of legal accordion files stashed away in a hope chest: It's a good idea to keep your tax records. However, if you're going through a phase of trying to get rid ...
Retention schedules are an important aspect of records management. Many organizations are subject to rules and regulations (at the local, state or federal level) that govern for how long they are required to keep records before they can safely dispose of them.
A records retention schedule is a document, often developed using archival appraisal concepts and analysis of business and legal contexts within the intended jurisdictions, that outlines how long certain types of records need to be retained for before they can be destroyed. For the retention schedule to be utilized a number of guidelines need ...
As for how long to hold on to these and other tax documents, look to the IRS’ guidelines: The federal agency reserves the right to audit you within three years of the tax year in question.