How long to keep tax record
#1
07-05-2012, 12:22 PM
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How long to keep tax record
I was cleaning up my back room and I wanted to dump some old accounting records. I have been keeping them for 6 years. SO I went to IRS website and see if I can keep shorter period. Here is what it says.
Good news is, now I can dump half of my old papers
1. You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.
2. You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
3. You file a fraudulent return; keep records indefinitely.
4. You do not file a return; keep records indefinitely.
5. You file a claim for credit or refund* after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
6. You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years.
7. Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
No. 2, 3 ,4?? I laughed that they had to put these senario in their rules. Who would tell them they filed a fraudulent return or didn't claim all the income they had? 2. You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
3. You file a fraudulent return; keep records indefinitely.
4. You do not file a return; keep records indefinitely.
5. You file a claim for credit or refund* after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
6. You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years.
7. Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
Good news is, now I can dump half of my old papers
#2
07-05-2012, 12:29 PM
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