Once you have submitted your tax return to the Internal Revenue Service each year, you may be thinking of when the next bonfire will be so that you can toss all that paperwork into it. But making arrangements for safely storing your tax paperwork is essential to protect yourself in the event of a future IRS audit.
The general rule is to keep your tax records for three years from the date you filed your return, but there are several important exceptions for when you might need to keep your tax records for a longer period as a taxpayer. Read on to learn how long to keep your tax records and when you can safely dispose of them.
Determining Expiration of the Statute of Limitations
Typically, the statute of limitations for the IRS to audit your income tax return is generally three years. The statute of limitations [Read More]