Uncle Sam has some clear rules when it comes to keeping your tax records safe for certain periods of time. In general, the time period for each record is actually based on different situations. That’s why it’s always a good idea to keep your records for as long as possible.
So, are you sure you want to throw away those old tax records? Take into consideration the Internal Revenue Service rules before sprucing up your drawer. Fortunately for you, we’ve highlighted the length of time for each document in this post.
How long do you need to keep your tax records? Let’s find out together!
P.S.: Following a system for record keeping is also an excellent idea. So, pick one that suits your needs to simplify your tax record routine.