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FAQ
1.
How long do I need to keep certain
records?
ANSWER: How long do I need to keep certain records?
Records such as receipts, canceled checks, and other documents that prove an
item of income or a deduction appearing on your return should be kept until
the statute of limitations expires for that return. Usually this is three
years from the date the return was due or filed, or two years from the date
the tax was paid, whichever is later. There is no period of limitations when
a return is false or fraudulent or when no return is filed. You should keep
some records indefinitely, such as property records, since you may need them
to prove the amount of gain or loss if the property is sold. For more
details,
refer to Publication 552, Recordkeeping for Individuals.
If you are an employer, you must keep all your employment tax records for at
least four years after the tax is due or paid, whichever is later. For
additional information, refer to Tax Topic 305, Recordkeeping. People in
business often have expenses for travel, entertainment, and gifts. The
documentation you should keep for each of these expenses can be found in
Publication 463, Travel, Entertainment, Gift and Car Expenses.
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