Often you hear that you should save those important papers. What are the important papers?
Tax records: These include any forms and statements that show income or verify deductions (W-2s, 1099s, canceled checks, receipts, etc.), as well as copies of your return. The minimum amount of time to keep these records is three years. That’s typically the amount of time the IRS has to audit a return, and sometimes three years of tax records are required for an estate audit.
To be safe, however, experts recommend you keep them for six years, since that’s the time the IRS has to audit a return if you under report your gross income by more than 25 percent.
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Often you hear that you should save those important papers. What are the important papers?<\/p>\n\n\t
Tax records: These include any forms and statements that show income or verify deductions (W-2s, 1099s, canceled checks, receipts, etc.), as well as copies of your return. The minimum amount of time to keep these records is three years. That’s typically the amount of time the IRS<\/span> has to audit a return, and sometimes three years of tax records are required for an estate audit.<\/p><\/li><\/p>\n\n\t <\/p> To be safe, however, experts recommend you keep them for six years, since that’s the time the IRS<\/span> has to audit a return if you under report your gross income by more than 25 percent.<\/p>\n\n