Save Your Tax Returns & Receipts For 5 Years!

Five Years is the magic number to hold on to your tax returns and any receipt or documentation that supports a deduction that you’ve made on a return.  The IRS has three years after receiving your return to conduct an audit.  However, that three years is based on the IRS’s records of receiving your return, not the year for which the return was filed.  So, if you happened to file late one year, even if you had a proper extension, it is much better to err on the side of caution and keep your paperwork on file a little longer just in case you and the IRS are not on the same page!

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One Response to “Save Your Tax Returns & Receipts For 5 Years!”

  1. Keep posting stuff like this i really like it

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