How Long To Keep Tax Forms
Keeping track of tax forms can be a daunting task, especially with the various deadlines and requirements each year. It’s important to know how long you should hold onto these documents to ensure you are prepared in case of an audit or other financial inquiries.
Before you start throwing away old tax forms, it’s important to understand how long you should keep them. While it may be tempting to clear out the clutter, certain forms should be kept for a specified period of time to protect yourself financially.
How Long To Keep Tax Forms
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Generally, it is recommended to keep tax forms for at least three years from the date you filed your return. This is the period in which the IRS has to audit your return and assess any additional taxes. However, if you filed a claim for a loss from worthless securities or bad debt deduction, you should keep those records for seven years.
For those who failed to report income that is more than 25% of the gross income shown on their return, it is advised to keep tax records for six years. Additionally, if you did not file a return or filed a fraudulent return, there is no time limit on how long the IRS can go back to assess additional taxes.
While it may seem like a hassle to keep track of tax forms for an extended period of time, it is crucial to do so in order to protect yourself financially. By following these guidelines, you can ensure that you are prepared in case of an audit or other financial inquiries.
In conclusion, it is important to know how long to keep tax forms in order to protect yourself financially. By following the recommended guidelines and holding onto these documents for the required period of time, you can ensure that you are prepared for any potential audits or inquiries. Don’t let the clutter overwhelm you – stay organized and keep track of your tax forms for the necessary duration.