record keeping


S

Seamus J. Wilson

How long should I keep documents related to tax filing?
Thank you,
Seamus J. Wilson
 
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P

Paul Thomas, CPA

Seamus J. Wilson said:
How long should I keep documents related to tax filing?


The suggested record retention periods vary with respect to the type of tax
returns.

For individuals: http://www.irs.gov/publications/p552/ar02.html#d0e617
I suggest 4+ years on the detailed records, 10+ years on keeping the actual
return.
This from the date the return was filed, or the actual due date of the
return, whichever is later.


For businesses: http://www.irs.gov/publications/p583/ar02.html#d0e2170
It's really going to depend on many factors of the business.
 
S

Seamus J. Wilson

Thank you for the help.
Seamus J.
Paul Thomas said:
The suggested record retention periods vary with respect to the type of
tax returns.

For individuals: http://www.irs.gov/publications/p552/ar02.html#d0e617
I suggest 4+ years on the detailed records, 10+ years on keeping the
actual return.
This from the date the return was filed, or the actual due date of the
return, whichever is later.


For businesses: http://www.irs.gov/publications/p583/ar02.html#d0e2170
It's really going to depend on many factors of the business.
 
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D

D. Stussy

Seamus J. Wilson said:
Thank you for the help.
Seamus J.
For some items, it's even longer - especially capital assets like your home,
pension/IRA contributions, etc. Those records one keeps until they're no
longer needed.
 

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