The IRS recently released an informative bulletin regarding the management of your tax records. As a Certified Public Accountant, I am often asked, “How long do I need to keep my tax returns after I’ve filed?” Here are some of the tips shared from the IRS’ release:
- Normally, tax records should be kept for three years.
- Some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property — should be kept longer.
- In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return.
- Records you should keep include bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks, proofs of payment, and any other records to support deductions or credits you claim on your return.
For more information, click here to read the release. The IRS also recommends reviewing Publication 552, Recordkeeping for Individuals, for more details regarding tax documentation.
Kelly A. O’Leary, CPA, CGMA, MBA, CITP
Director of Finance and Administration
