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How Long To Keep Your Tax Records. Let’s go in descending order: Forever: If you never filed a return, or if you filed a fraudulent return (neither of which is recommended)
If for some reason you opted to forgo filing a tax return in a given year, the IRS website recommends keeping all financial records and documents related to the year in question indefinitely.
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.
Here are seven common reasons to keep your tax documents: Record of income: Tax documents, such as W-2s and 1099s, provide a record of your income. These are crucial for accurately reporting your ...
How Long To Keep Tax Records and Receipts You should save general tax records for at least three years, according to Josh Zimmelman, owner of Westwood Tax & Consulting LLC in Rockville Centre, N.Y.
The general rule is to keep your tax records for three years, but there are several important exceptions for when you might need to keep your tax records for a longer period as a taxpayer ...