If you ever seen paper pile up in your house, I am sure you have wondered just how long you will need all that paper lying around the house.
Well, the IRS has three years from your filing date to audit your return if it suspects good faith error. However, if the IRS has reason to believe that you under reported your return by at least 25%, then the statue of limitation is increased to six years. There is no limit if you filed or fraudulent return or failed to file altogether.
With this in mind, seven years will be a safe amount of time to keep tax returns, cancelled checks or receipts, proof of deduction taken ( like charitable contributions) and other like documents.
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