2007-08-11 01:35:57 · 5 answers · asked by lizlizzzy 1 in Business & Finance ➔ Taxes ➔ United States
You want to keep them for four years. If you are audited, that is as far back as they go is my understanding. I know that to be how long most buisness keep there paper work for this reason. Have a wonderfull day friend. : )
2007-08-11 01:46:39 · answer #1 · answered by fretnoise900 2 · 0⤊ 0⤋
You must keep all the records as per the federal law.
For assessment of tax you owe, this generally is 3 years from the date you filed the return. For filing a claim for credit or refund, this generally is 3 years from the date you filed the original return, or 2 years from the date you paid the tax, whichever is later. Returns filed before the due date are treated as filed on the due date.
If you did not report income that you should have reported on your return, and it is more than 25% of the income shown on the return, the period of limitations does not run out until 6 years after you filed the return. If a return is false or fraudulent with intent to evade tax, or if no return is filed, an action can generally be brought at any time.
You may need to keep records relating to the basis of property longer than the period of limitations. Keep those records as long as they are important in figuring the basis of the original or replacement property. Generally, this means for as long as you own the property and, after you dispose of it, for the period of limitations that applies to you.
2007-08-11 10:38:03 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
The IRS can no longer audit you or pick your return up for an audit for the 2004 tax year but the IRS can and will audit your 2005 returns and 2006. The 2004 tax year is getting closer to the statute of limitations being lifted. You should keep your taxes and receipts for 3 years.
See publication 17 for additional information.
2007-08-11 14:28:38 · answer #3 · answered by Jenga 1 · 0⤊ 1⤋
I keep mine until the next tax period, after thats done, in the trash they go. Ive started getting every bill i can online to cut down on the clutter at home. I also reccomend the Microsoft Money prog. to keep track of everything.
2007-08-11 08:44:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
1 year is more than enough.
If any are deducted from income for taxes, keep those with your returns.
2007-08-11 08:39:33 · answer #5 · answered by ed 7 · 0⤊ 0⤋