Once tax season is over, you may be wondering what to do with your tax documents, everything that you used to prepare your tax return as well as copies of your tax return.
The following tips will help you plan what to save and how long to save the documents:
• As a rule of thumb, keep your tax documents for a minimum of 3 years from the date you filed your original return or 2 years from the date that you paid the tax, whichever is later.
• If you know that you have under-reported your income by 25 percent or more, the IRS can audit for up to 6 years after your return is filed or 7 years if you claim a loss for bad debt or worthless securities.
• If you do not file your taxes, which is generally not recommended, the IRS can audit you at any point which means that you should hold on to your tax documents indefinitely.
• Keeping your tax return from the prior year can also help you file your taxes the next year!
If you have any questions, contact the Whitley County Cooperative Extension Service at 549-1430; e-mail DL_CES_WHITLEY@EMAIL.UKY.EDU; or visit the office located at 4275 N. Highway 25W in Goldbug.
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