how long do you need to keep income tax papers?
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“The only way to legally dispose of tax returns prior to the six-year rule is with the written permission of the CRA,” says Heidi Mettler, certified financial planner and consultant with Investors Group in London, Ontario.
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How long a document should be kept depends on many things, but generally California's minimum statute of limitations is four years. It is imperative that you keep your records properly. This may be needed as long as is necessary to prove the income or deduction on your tax return.
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Regardless of how you submit your tax return, you must keep all your tax documents for at least six years. If you claimed expenses, deductions or tax credits, make sure you keep all your receipts and any related documents in case the CRA asks to see them.
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Retention Guide Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
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How long do you have to keep records? The usual requirement is three years from the later of the due date of the return or the date the return is actually filed. Records must be made available to state taxing authorities upon request.
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To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
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Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
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The IRS says you need to keep your records “as long as needed to prove the income or deductions on a tax return.” In general, this means you need to keep your tax records for three years from the date the return was filed, or from the due date of the tax return (whichever is later).
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The CRA recommends keeping your tax records for at least six years. This six-year period starts at the end of the tax year to which the records relate.
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Employee records—keep for 3 years from termination. Employee earnings records—keep for at least 4 years after termination. For records involving unclaimed property, such as an unclaimed paycheck, check state laws.
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Hold bank statements, inventory records, invoices, sales records, cash register tapes, W-2s, 1099s, and other tax filing documents for at least six years. If your business was set up as a corporation, keep monthly and quarterly corporate financial statements for at least three years.
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Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W–2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.
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Keep records for three years from the date you filed your original return or two years from the date you paid the tax—whichever is later—if you file a claim for credit or refund after you file your return. Keep records for seven years if you file a claim for a loss from worthless securities or bad debt deduction.
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You should keep your VAT records for at least six years, because you will need to show them to HM Revenue & Customs if or when asked. Ordinary business records can be the basis for your VAT records. It does not necessarily mean you need an accounting software package.
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When a person should have submitted a tax return but didn't, they must keep tax records until the return is submitted. After the return has been submitted, the records should be kept for five years from the submission date.
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How long do I need to keep tax-related records? While the requirements for certain types of specific documents vary, the general position taken by the ATO is that documents should be kept for five years after you've received a notice of assessment relating to that year's return.
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The General Rule Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lawsuits and potential claims.