Day 5 – Year-End File Clean-Up
When it comes to your tax records, the IRS recommends keeping copies of tax returns and supporting documents at least three years. Some documents should be kept up to seven years in case a taxpayer needs to file an amended return or if questions arise. Keep records relating to real estate up to seven years after disposing or sale of the property. When records are no longer needed for tax purposes, ensure the date is properly destroyed to prevent the information from being used by identify thieves. #recordretention
Posted in Business, Tax Planning