How long after filing my daxes should I keep my receipts?

Answer 1

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. I

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.

In short, make your own decision.

Answer 2

3 years

Answer 3

Legally 7 years. But the IRS is unlikely to go back more than 3 tax years so keep the receipts at least 4 years.

Answer 4

I tell my tax clients that keeping your records for 3 years is minimal, 7 years is better and as long as you have room is best. I simply place receipts in a manila envelope and staple it to my tax return envelope.

Answer 5

7years