Monday, February 22, 2010

How long should I keep my tax records?

"You must keep your records for as long as they are important for the federal tax law." p. 18, Publication 17. It could be 3 years, or 2 years, or 6 years, or forever if you've tried to evade taxes. For property, don't throw anything away. And if you plan to file for Social Security, it looks like you should be saving Copy C of the W-2 forever, also. Just in case there's a screw up and someone's been using your number. Looks like you need to keep the copies of your returns too, just in case. You can get a copy from the IRS (form 4506), but it will cost you. And it's not speedy, either.

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