How Long to Keep Tax Returns: 7 Questions to Consider
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Did you know the average American spends 13 hours every year preparing federal tax returns?
For small business owners, that figure almost doubles to 24 hours!
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For most people, three years is a good time frame, but it could be much longer in many situations.
Plus, it can often be a good idea to hold onto records longer than the required time for other non-tax reasons.
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Keep reading to find out exactly how long you should keep your tax records in your situation.
The answer may surprise you!
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What is the Period of Limitations?
As always, the IRS has some slightly confusing terminology around how to measure the amount of time you should keep tax returns.
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How Long to Keep Tax Returns
For the actual tax return itself, the IRS advises keeping them forever. I would 100% agree with that.
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Especially in the digital age, where everything can be saved on a hard drive or backed up in the cloud, there’s no reason to toss your actual tax returns.
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Adjust your withholdings
You’ll get a smaller refund, but you will also be able to use the excess money from tax savings all year long.
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