Alert: “Spring Cleaning” Your Personal and Financial Records
Now that tax season is over, many people are wondering which personal and financial records they need to save for tax and other purposes. Some of us are packrats and like to save everything forever. Others can’t wait to discard unwanted papers.
So what’s the best way to decide whether to save or discard a record? Here are a few tips and information sources to help you decide what records you need to keep and for how long.
How long should you keep tax records? The IRS has 3 years in which to audit your income tax return. However, this limit does not apply if you failed to report more than 25 percent of your gross income (the limit then is 6 years). There are no time limitations if you filed a fraudulent return or if you failed to file a return.
<Read More>
Other Recent Entries and Alerts
|