Sarge Posted February 27, 2012 Share Posted February 27, 2012 I have always heard 7 years. Our taxes are just the run of the mill non high risk for audit type if that matters. Any more current schools of thought on how long to keep them. Link to comment Share on other sites More sharing options...
ChuckS Posted February 27, 2012 Share Posted February 27, 2012 http://www.irs.gov/pub/irs-pdf/p552.pdf Later, Chuck Link to comment Share on other sites More sharing options...
GrumpyOne Posted February 27, 2012 Share Posted February 27, 2012 Sarge, treat your tax returns like luggage......keep it forever. Link to comment Share on other sites More sharing options...
Sarge Posted February 27, 2012 Author Share Posted February 27, 2012 From what I can make of that I don't need to keep them at all. Link to comment Share on other sites More sharing options...
Aab Posted February 27, 2012 Share Posted February 27, 2012 I keep mine perpetually. A reminder as to how much I have "paid in". Link to comment Share on other sites More sharing options...
Chills1994 Posted February 27, 2012 Share Posted February 27, 2012 (edited) if we could scrap the income tax entirely and go with a high federal flat sales tax, we wouldn't have to worry about this B.S. every April 15th. I had always heard 7 years as well. The main thing is if you owe or have to pay, how do you keep track that you sent your payment in? In the summer of 2010, I got a notice from the (very broke) state of Illinois saying that I had NOT submitted a state income tax return say like back in 2008 for calendar year 2007. Well, why the ______ didn't they catch it in 2009 then? My guess is so I could get hit with more penalties, but not so much that it would be worthwhile for me to get a lawyer to fight it. So, yep, sucker me, instead of pee'ing away a day of work to drive up to Springfield to fight it, I just wrote them yet another check for the amount I owed them say like $200 plus the penalties for supposedly not submitting a return in the spring of 2008, so it was something nuts/obscene like $1,000 or $1,500 total.... but sent it confirmation/signature required this time. Pretty good racket, eh? Edited February 27, 2012 by Chills1994 Link to comment Share on other sites More sharing options...
Chills1994 Posted February 27, 2012 Share Posted February 27, 2012 (edited) whoops double tap Edited February 27, 2012 by Chills1994 Link to comment Share on other sites More sharing options...
Paul Santiago Posted February 27, 2012 Share Posted February 27, 2012 I have mine since birth... well at least since I started working.. Link to comment Share on other sites More sharing options...
Maksim Posted February 27, 2012 Share Posted February 27, 2012 With availability of technology... 7 years of hard copy, and all the others scanned, keep forever. digital storage = epicly cheap. Link to comment Share on other sites More sharing options...
Chills1994 Posted February 27, 2012 Share Posted February 27, 2012 I keep mine perpetually. A reminder as to how much I have "paid in". ya, know, those green Social Security reports you get every September or October that lists what you have made every year since you have been working. That's what I use to keep track of that. Link to comment Share on other sites More sharing options...
sperman Posted February 27, 2012 Share Posted February 27, 2012 I have mine since birth... well at least since I started working.. Same here. When I get some time I plan on scanning them and shredding the paper copy. Link to comment Share on other sites More sharing options...
DKSComp Posted February 27, 2012 Share Posted February 27, 2012 I also have mine from when I first started working. Also have been called anal retentive. Dave Schattel Link to comment Share on other sites More sharing options...
paul788 Posted February 27, 2012 Share Posted February 27, 2012 Check goes registered, return receipt requested. I have proof that someone there signed for the return and check. Paul Link to comment Share on other sites More sharing options...
lynn jones Posted February 27, 2012 Share Posted February 27, 2012 (edited) Edited February 27, 2012 by lynn jones Link to comment Share on other sites More sharing options...
twodownzero Posted February 27, 2012 Share Posted February 27, 2012 (edited) Circular 230 makes me too afraid to answer this question. Remember what Carmoney says, this forum is a really bad place for legal advice. Edited February 27, 2012 by twodownzero Link to comment Share on other sites More sharing options...
Sarge Posted February 28, 2012 Author Share Posted February 28, 2012 Great place for legal advice if you ask me. We are all range lawyers to some extent, right? Besides I'm not asking for legal advice. And I'm certainly not going to hold a forum member accountable if I throw away tax forms from the 80's and somehow get audited. Link to comment Share on other sites More sharing options...
Paul Santiago Posted February 28, 2012 Share Posted February 28, 2012 I have mine since birth... well at least since I started working.. Same here. When I get some time I plan on scanning them and shredding the paper copy. Hadn't thought of that! Link to comment Share on other sites More sharing options...
Paul Santiago Posted February 28, 2012 Share Posted February 28, 2012 how long to keep records - The IRS Link to comment Share on other sites More sharing options...
wgnoyes Posted February 28, 2012 Share Posted February 28, 2012 I have always heard 7 years. Our taxes are just the run of the mill non high risk for audit type if that matters. Any more current schools of thought on how long to keep them. Forever. I don't care what US Code or IRS Regs say; they can and WILL change them or ignore them capriciously whenever it suits them. Keep it all forever. Link to comment Share on other sites More sharing options...
Merlin Orr Posted February 28, 2012 Share Posted February 28, 2012 I have always heard 7 years. Our taxes are just the run of the mill non high risk for audit type if that matters. Any more current schools of thought on how long to keep them. Forever. I don't care what US Code or IRS Regs say; they can and WILL change them or ignore them capriciously whenever it suits them. Keep it all forever. Read and Heed....... Link to comment Share on other sites More sharing options...
Maksim Posted February 28, 2012 Share Posted February 28, 2012 (edited) Great place for legal advice if you ask me. We are all range lawyers to some extent, right? Besides I'm not asking for legal advice. And I'm certainly not going to hold a forum member accountable if I throw away tax forms from the 80's and somehow get audited. Hey now... I really am a financial professional. www.maksfs.com there is the 3 and 7 year marks. 3 years is how long IRS has to audit you, and during the audit, if something comes up they can go back as far as 7. Edited February 28, 2012 by Maksim Link to comment Share on other sites More sharing options...
Tom Brannon Posted March 2, 2012 Share Posted March 2, 2012 Being able to scan all papers and stuff, put it on a disk and have it forever. If I had to keep up with everything by the end of the year I fill 4 boxes. now to keep 4 boxes of tax stuff 7 years Im going to have 28 boxes in wait while I filling another 4 boxes. I scan it, make 3 copies and get rid of it. Link to comment Share on other sites More sharing options...
Punkin Chunker Posted March 2, 2012 Share Posted March 2, 2012 how long to keep records - The IRS On this from the IRS, look at number 3 -- you file a fraudulent return, keep them indefinitely. Of course, if you make a mistake it becomes a fraudulent return, which you don't know until you get audited. Once the IRS begins investigating on a fraudulent return, they can go back beyond 7 years. Link to comment Share on other sites More sharing options...
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