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How long do I need to keep my personal tax records and associated documents?

3 years
19%
5 years
21%
6 years
4%
7 years
34%
8 years
2%
Indefinitely
12%
Not sure
4%
Next Question
Question: How long do I need to keep my personal tax records and associated documents?
Top Answer (34% of 41 votes): 7 years.

Answer: Indefinitely
Explanation: We prefer that clients keeps records indefinitely.
Phoenix Rising Financial Services
Answer: 7 years
Explanation: We can help you save your documents securely and electronically, at no additional charge.
Blue Bell Wealth Advisors
Answer: 7 years
Explanation: Typically we would encourage clients to maintain their personal tax information for a minimum of seven years. This is advised due to the possibility of having to provide this information to a financial institution, other professionals, and any random potential audits by federal and state taxing authorities.
OnTarget CPA
ProMatcher
Answer: 7 years
Explanation: 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
CPA Tax Advisors, Inc
Answer: 6 years
Explanation: Regular utility bills and statements that don't contain anything for taxes can be shredded after a year.
THE ORGANIZER
Answer: 3 years
Explanation: You should keep your personal tax records for 3 years, but in cases of fraud, there is no time frame.
MT Gonzalez Accounting Services
ProMatcher
Answer: 7 years
Explanation: I chose the longest recommended period, however below is the IRS recommendations which vary. Period of Limitations that apply to income tax returns Keep records for 3 years if situations (4), (5), and (6) below do not apply to you. 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. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return. Keep records indefinitely if you file a fraudulent return. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later. The following questions should be applied to each record as you decide whether to keep a document or throw it away.
Blue Ridge Business Services
Answer: 5 years
Explanation: I recommend that you keep a five year cycle of your personal tax records.
JFB Financial Services Inc
Answer: 5 years
Explanation: Three years is what the IRS rules require. However, it is highly recommended to keep them for 5 years unless there is a fraud and in this case you are required to keep them indefinitely
Capstone Financial & Tax Service
ProMatcher
Answer: 7 years
Explanation: The minimum suggested is five. However with the ease of scanning there is no reason you cannot keep your old files indefinitely. Why? Occasionally you need to go way back to verify cost basis or other tax history. With complete scanned records you have the resources in place to do so quickly. Mold, vermin or other document destroying issues will not affect you.
Amy Rose Herrick, ChFC
Answer: 6 years
Explanation: 6 years because the irs can audited you for six years.
Ayesha Tax SERVICE
Answer: 5 years
Explanation: You should keep all records 5 years from date of filing return or from date of paying tax, whichever is later.
Vanetta Stringfield Keyes, CPA, PC
ProMatcher
Answer: 3 years
Explanation: With the personal records you really only need to keep them for 3 years from the date of filing. This is the amount of time that the IRS has to call your return into question. You should never destroyed a tax return always keep those but the supporting documents can be destroyed 3 years after the date of filing.
Your ATP
Answer: 5 years
Explanation: FOR REFERENCE AND IN CASE OF IRS QUESTIONS OR AUDITS
AMERICAN TAX AND BUSINESS SERVICES
Answer: 7 years
Explanation: IRS can come and ask for it in case of S-corp claims.
Ensisinfo Inc
ProMatcher
Answer: 5 years
Explanation: Five years is a safe time unless you have a fraud case at which case keep your records indefinitely
Capstone Financial & Tax Service
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