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December 29, 2023 at 9:25 pm #29058Geoff MassanekModeratorDecember 29, 2023 at 9:27 pm #29066Geoff MassanekModerator
Depending on how you file your returns, the Internal Revenue Service (IRS) has different recommendations for the amount of time you need to save your records.
- The IRS recommends keeping records of your tax returns for three years from the date of filing an original return or two years from the date of paying the tax, whichever is later if you file a credit claim or refund after filing your returns.
- Keep records for 6 years if you have not reported income that you should report and make up 25% of your return gross income. If you don’t file a return, keep your record indefinitely.
- You should keep your employment tax records for at least four years after the tax due date payment or due date, whichever is later.
- Keep your records for seven years if you claim a loss from worthless securities or a bad debt deduction.
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