How Long Should I Keep Tax Records?

How Long Should I Keep Tax Records?

This year’s tax season is quickly coming to an end and at this point the taxpayer.
Regarding the IRS record keeping and income tax return rules, the general rule is that you must keep records for the period during which the IRS can review you and estimate additional taxes.

All taxpayers should keep their income tax returns and receipts for at least three years.
Taxpayers who owe taxes should keep their income tax records for three years after paying the tax they owe.
Taxpayers with income tax records should keep their records for four years.
Taxpayers who do not report income that should have been reported – and which makes up more than 25% of the gross income shown in their tax return – should keep their tax records for six years.

These deadlines take effect on the date on which the tax return is filed. It is also important to note that there are no two tax returns.