How long do you have to retain copies of your tax returns?
What is the recommended time frame to maintain copies of their personal/family tax returns? My filing space is getting slim and I have tax returns going back years ago, but am nervous about shredding them in case of audit. Not that I would expect to be audited, but you know...just in case.
Answers ( 1 )
The IRS has very specific policies on how long to save tax returns that you can read on their site in detail. The simple answer is 7 years. That's the maximum you'd need to save your returns for. In most cases you woukdn't need to save them more than 4 years, but just in case, it may be good advice to go the distance for the 7 year that's easy to remember rather than try to remember the criteria specifics. Read the guide and see what fits for you.
https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records