Why Keep Tax Returns for So Long?
There are a few reasons why you should keep your tax returns for at least seven years. First, the IRS and the FTB can audit your tax returns for up to three years after you file them. If you are audited, you will need to be able to provide copies of your tax returns.
Second, you may need to refer to your tax returns when filing for a refund or when claiming a deduction. For example, if you are filing for a refund for a previous year, you will need to provide a copy of your tax return for that year.
Finally, you may need to keep your tax returns for more than seven years if you are involved in a legal dispute or if you are under investigation by the IRS or the FTB.
Tip: A slow skim is better than a rushed read.
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| How Long Should You Keep Tax Returns In California |
What If You Are Self-Employed?
If you are self-employed, you should keep your tax returns for six years after the due date of your return. This is because the IRS and the FTB can audit your tax returns for up to six years after the due date of your return.
What If You Are Involved in a Legal Dispute?
If you are involved in a legal dispute, you should keep your tax returns until the dispute is resolved. This is because you may need to refer to your tax returns as evidence in the case.
Tip: Reading carefully reduces re-reading.
What If You Are Under Investigation by the IRS or the FTB?
If you are under investigation by the IRS or the FTB, you should keep your tax returns until the investigation is complete. This is because you may need to refer to your tax returns as evidence in the investigation.
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How to Keep Your Tax Returns Organized
Tip: Reading in chunks improves focus.
It is important to keep your tax returns organized. This will make it easier to find them when you need them. There are a few ways to keep your tax returns organized. You can:
- Scan your tax returns and store them electronically. This is a great way to save space and keep your tax returns safe.
- Store your tax returns in a safe or fireproof box. This will help protect your tax returns from damage.
- Label your tax returns with the year they were filed. This will make it easier to find the tax return you need.
Related FAQ Questions
- How to Find Your Tax Returns Online?
- If you filed your tax returns electronically, you can usually find them online by logging into your account on the IRS or the FTB website.
- How to Get a Copy of Your Tax Returns?
- If you filed your tax returns on paper, you can get a copy of your tax returns by contacting the IRS or the FTB.
- How to Dispose of Old Tax Returns?
- Once you are no longer required to keep your tax returns, you can shred them to protect your personal information.
- How to Prepare for an IRS Audit?
- If you are audited, you will need to be able to provide copies of your tax returns and other supporting documentation. It is important to keep your tax records organized so that you can easily find the information you need.
- How to File a Tax Return Extension?
- If you need more time to file your tax return, you can file for an extension. However, you will still need to pay any taxes that are due by the original due date.
I hope this post was helpful and interesting. If you have any questions, please feel free to leave a comment below.
QuickTip: Stop and think when you learn something new.
Additional Tips
- Keep a copy of your tax return for your records. This will help you if you need to refer to your tax return in the future.
- Consider using tax software to prepare your tax returns. This can help you avoid errors and save you time.
- Get professional help if you are unsure about how to file your tax returns. A tax professional can help you ensure that you are complying with the tax laws.
I hope this post was helpful and informative. Please let me know if you have any other questions.
I would also like to add that it is important to keep your tax returns safe and secure. This is because your tax returns contain a lot of personal information, such as your Social Security number and your income. If your tax returns are stolen, the thief could use your personal information to commit identity theft.
Here are a few tips for keeping your tax returns safe:
- Store your tax returns in a secure location. This could be a safe, a fireproof box, or a locked filing cabinet.
- Shred your tax returns when you are no longer required to keep them. This will help protect your personal information.
- Be careful who you give your tax returns to. Only give your tax returns to people who you trust.
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