Which Tax Records To Keep – Kiplinger.com

Which Tax Records to Keep – Kiplinger.com

One of my clients recently asked me about how long they should keep records for taxes, bank statements, and other financial information.  Kiplinger has a great guide, but in case you don’t have time to click through, read this important bit:

It’s a good idea to keep your tax returns forever. But you can usually toss the supporting documents, such as canceled checks and old receipts, three years after you filed your taxes.

That’s usually how long the IRS has to audit your return, unless you’ve left out a big chunk of income. If you have any self-employed income, keep the receipts for at least six years.

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