Records Retention for Personal and Business Income Taxes

by Rob FurmanJun 21, 2021Tax Accounting

Income Tax Records Retention Griffin & Furman CPA firm

Income Taxes Records Retention For Personal And Business Taxes

Indefinitely

If you do not file a tax return or if you file a fraudulent return, keep your records indefinitely.

7 Years

Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

6 Years

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.

3 Years

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.

Records Related to Property

Generally, keep records relating to property until the period of limitations expires for the year in which you dispose of the property.

How long should I keep employment tax records?

Keep all records of employment taxes for at least four years.

Source: IRS: Recordkeeping

Source: IRS: How long should I keep records?

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