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How Long to Keep Tax Records
This blog post: https://retiredguyusa.com/how-long-keep-tax-records/
This post will tell you how long you should keep tax records. I tried to keep this as simple as possible as there are always exceptions to general rules.
Consult your tax advisor as every taxpayer has a unique situation.
I read that the average tax filer spends about eight hours (a full workday) getting their tax information together. It is a massively wasteful tax system whose main beneficiaries are tax accountants and tax lawyers. And of course, the tax code whereby public policy tries to award winners and punish losers. The information contained herein discusses your federal tax return, not individual states’ returns. Further, all this discussion pertains to individuals’ taxes, not business taxes.
I will address: (1) how long you should keep federal tax records, (2) how long the IRS may audit you, (3) kinds of records to retain, (4) what makes up a good filing system.
USEFUL LINKS:
https://taxmap.irs.gov/taxmap/pubs/p530-003.htm IRS Statute of Limitations
Please SUBSCRIBE, COMMENT, and SHARE this podcast with others!
--------------------
I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals.
Blog: https://retiredguyusa.com/
Podcast: https://retiredguyusa.podbean.com/
View all episodes
This blog post: https://retiredguyusa.com/how-long-keep-tax-records/
This post will tell you how long you should keep tax records. I tried to keep this as simple as possible as there are always exceptions to general rules.
Consult your tax advisor as every taxpayer has a unique situation.
I read that the average tax filer spends about eight hours (a full workday) getting their tax information together. It is a massively wasteful tax system whose main beneficiaries are tax accountants and tax lawyers. And of course, the tax code whereby public policy tries to award winners and punish losers. The information contained herein discusses your federal tax return, not individual states’ returns. Further, all this discussion pertains to individuals’ taxes, not business taxes.
I will address: (1) how long you should keep federal tax records, (2) how long the IRS may audit you, (3) kinds of records to retain, (4) what makes up a good filing system.
USEFUL LINKS:
https://taxmap.irs.gov/taxmap/pubs/p530-003.htm IRS Statute of Limitations
Please SUBSCRIBE, COMMENT, and SHARE this podcast with others!
--------------------
I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals.
Blog: https://retiredguyusa.com/
Podcast: https://retiredguyusa.podbean.com/