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How Should I Store my Tax Records?

Tax Records - How Should I Store my Tax Records?As tax preparers, we see all kinds of taxpayers—organized, not organized, and some in the middle. Whether you come prepared with an accordion folder of neatly organized documents or an old shoe box with scraps of paper, you should be cautious in the way you keep your tax records.

Stories and warnings of identity theft, financial fraud, and scams are an everyday occurrence; these instances are a real concern to millions of Americans. The rise of identity theft, fraud, and scams should caution us to evaluate how we store our important data, such as our tax records.

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How Long Should I Keep my Tax Returns?

Tax Returns - How Long Should I Keep my Tax Returns?Tax season is fast approaching and many taxpayers are reviewing their paperwork to figure out what documents are necessary and what can be discarded. This can be a daunting experience that leaves many with the question: how long should I keep my tax returns?

The length of time you should keep a tax-related document typically depends on the action, expense, or event which the document records. Generally, you should keep your records until the statute of limitations runs out.

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