Tax records should be kept on a year-round basis, not hastily assembled just for your annual tax appointment. Without tax records, you can lose valuable deductions by forgetting them on your tax return, or you may have unsubstantiated items disallowed if you are audited.

Generally, returns can be audited for up to three years after filing. However, the IRS may audit for up to six years if there is substantial unreported income. The three and six year limits start with the filing of a tax return; if no return is filed, the time limit never starts to run.

Which records are important?

• Records of income received.
• Expense items, especially work-related.
• Home improvements, sales, and refinances (for homes with profit potential of $250,000 or more).
• Investment purchases and sales information.
• The documents for inherited property.
• Medical expenses.
• Charitable contributions (records vary with value of gift).
• Interest and taxes paid.
• Records on nondeductible IRA contributions.

How long should records be kept?

Just how long you should keep records is partly a matter of judgment and a combination of state and federal statutes of limitations. Federal tax returns can be audited for up to three years after filing (six years if underreported income is involved). It is a good idea to keep most records for six years after the return filing date.

governor charter school prada 23ys lentes prada originales prada outlet locations electric snowboarding helmet lebron instagram followers instagram usa followers prada amande shop gucci gucci online shopping ranking instagram followers online chatgpt chatgpt 打不开 instagram likes followers chatgpt without login prada online prada bag authenticity nike prada prada luna sport prada luxottica lentes prada blancos sosa gucci prada instagram anonymous followers prada shop lentes prada originales anguish (1987) board for wall prada square glasses carlucci's italian restaurant menu prada purse dupe prada colors prada doctor bag bloomingdales prada sunglasses prada wallet sale instagram mutual followers aaa travel catalog instagram followers 5000 prada crossbody men identity ray liotta nike shoe outlet online prada short hills outlets reebok tamagotchi games kon tiki makeup coach store outlet gray prada bag prada mens scarf prada 18wv prada cologne macy's prada gift cards premium instagram followers shannon lutz men's clothing outlet online dr patel tampa house outlet fashion online prada luna black prada pr 15ys chatgpt reviews instagram followers analytics prada kids shoe prada reedition 2005 prada ocean reviews gucci store com prada messenger forbo bulletin boards prada sunglasses gold prada puffer boots luxury designer outlet prada boots used online outlet clothing stores chatgpt-cli black prada tie famoid instagram followers chatgpt 打不开 instagram followers 100 bing chatgpt waitlist prada boots white prada yellow shoes 50 instagram followers prada outlet sawgrass platform prada loafers chatgpt چیست prada panty prada rectangular glasses prada milano sneakers prada 06ys sunglasses followers likes instagram juanmanuel de prada prada designer shoes prada sunglasses discount chatgpt' openapi chatgpt awesome chatgpt tackboard tamagotchi families andrew johnston britains got talent aaa catalina express discount followers instagram tracker prada internship chatgpt io gucci buy dr lee smith smithtown yellow prada purse fendi prada instagram followers money pantone extended gamut prada emma watson instagram followers 5k prada heritage glasses instagram scrape followers cork rolls yacht captain shirt nights of the pufflings story dhgate prada loafers what does gucci sell instagram followers manager red prada loafers 20k instagram followers

There are some records worth keeping permanently, partly due to long-term needs and partly because they take up very little room. Consider permanently retaining a copy of each year's tax return. Contracts, real estate buy/sell records, and records of property improvements should be retained for seven years after the property is sold.

If you are in business, your record requirements are more extensive. Please call us; we will be happy to assist you with a system of record retention for your business.

 

Ivey Jacobson & Company, LLC Certified Public Accountants 1980 Willamette Falls Drive, Suite 200 West Linn, OR 970685 4800 Meadows Road, Suite 343 • Lake Oswego, OR 97035 (503) 684-4585 • Fax: (503) 684-4583