How Long Should You Keep a Copy Tax Return

As with all important financial documents, a copy tax return should be kept on file for a certain amount of time. You may ask yourself what the actual number of years is that you should keep your files. Many people will tell you different things. Some people even think that you should never get rid of these documents. Just think about it, if you keep all of your tax documents forever, you will need a lot of storage space. The best thing to do is just keep them for a standard amount of time. It is pretty safe to say that six years is the minimum. You can keep them longer, but make sure that you at least have them for six years in the event that you need them.

Why Six Years?

You may ask- why should you keep them for six years. The truth is that this is the length of time that is recommended by the IRS. They keep files for six years, and you should too. If you keep them for six years, you will never have to worry about any discrepancies with the IRS. If they come back two years down the road and say that something was filed incorrectly, you will have your copy tax return on file to review and see what they are talking about. The IRS is often times looking for individuals to audit on their taxes. If you are chosen, it is very important that you have the information that you need.

Your Protection in Case of IRS Audit

When you are chosen to be audited on your taxes, they will require a lot of information. They will want copies of your bank statements and many other things- and you will definitely want to have a copy tax return as well. You will definitely want to have proof that you actually filed your taxes. Another thing to consider is being completely honest when you file your taxes. If you are not, it can really come back to haunt you in the future. They have about three years to audit you, but keeping your record for six years is really the best way to protect yourself and stay safe and avoid a lot of hassle.

How to Keep Up With Your Copy Tax Return

Keeping up with your copy tax return is definitely not something that is difficult to do. You may wonder where you can keep them safely and securely. You have several options. Some people actually keep theirs in a file on their computer to save space in their home. The only issue that you come across when you do this is in the event that your computer was to crash. If your computer crashes, then you will likely lose the documents. This is why a lot of people also choose to keep a copy of it in a filing cabinet in their house. The best thing to do if you are using a filing cabinet is to keep it locked. This prevents anyone from getting into the information and using it to steal your identity.

Getting a Duplicate Copy

Some people have not seen the importance of keeping their tax documents for at least six years, and then they come to a point that they need them. In this situation, there are some things that you can do. If you file your taxes online, there are many services out there that actually keep your documents on file in their database. This is the easiest and fasted way to get a copy tax return.

Short URL: http://copytaxreturn.com/?p=130

Posted by on Sep 14 2011. Filed under Copy Past Tax Return. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

94 Comments for “How Long Should You Keep a Copy Tax Return”

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