How long do you keep tax returns?

[Alice S. Fuzzybutt]

I've been trying to organize my apartment and get rid of a lot of stuff. Tonight's task was my file cabinet.

How long do you need to keep tax returns? I have every one dating back to 1987 (I made a whopping $4,000).

I've heard you only need to keep the last 7 years, in case there's an audit.

Anyone know?

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She said Jesus had a twin who knew nothing about sin.

[Reephdweller]

I've heard that you only need to keep them for 3 years. Though I've also heard the same about keeping them for 7 years. Though I've kept all of mine to date.

Here's one answer I found on the IRS website for self employed and small business owners. Link (http://www.irs.gov/businesses/small/article/0,,id=98513,00.html)

Here's another link (http://stress.about.com/cs/financialstress/l/blIRS.htm)

and another.... (http://www.asiostudio.com/newsletter-how-long-to-keep-records.html)

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[A.J.]

Pack rat that I am, I still have all my returns from 1985-today.

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[furie]

i have all of them


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Thanks M.

[Alice S. Fuzzybutt]

I asked my tax preparer. She said she tells her clients to keep them for only seven years. This is enough time. If the IRS audits, they
will do it within that time limit.


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She said Jesus had a twin who knew nothing about sin.

[monsterone]

gaw, i'm so bad at financial shit. luckily i don't make any money, so it's worth it to have my pops advisor do my returns.

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