KAFE This Morning

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How long do I keep my tax paperwork?

Unless you filed for an extension, your tax return is now done and sent to the IRS. A whole lot of paperwork can be left behind. What should you keep, and which documents can you throw out? To protect yourself in case of an audit, you should keep our printed or digital tax returns for seven years. If the IRS suspects you of hiding income, you can be audited for up to six years, and you can be subject to random audits for three years. If you like to keep information about your income around, go ahead and keep them indefinitely. Also keep supporting documents such as receipts, invoices, 1099 forms, sales records, charitable donation receipts, and any other documents that you would need to verify every penny that you claimed as income or deductions.

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