how long do u have to keep your taxes?
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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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When you own property (house, rental property, cars), you should keep all tax records until at least three years after selling that property and filing the corresponding taxes.
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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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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.
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The IRS recommends that you “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 a loss from worthless securities or bad debt deduction, keep your tax records for seven years.
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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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You are required by law to keep records of all employees Tax and National Insurance contributions. You must keep them for three years from the end of the tax year they relate to.
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As a rule, records and supporting documents must be kept for at least six years after the taxation year to which they pertain. It may be necessary for you to keep your records for more than six years if you file your return late, you file a notice of objection or you file an appeal with the courts.
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You should keep your records for at least 15 months after you sent the tax return.
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If you own a small business, you need to keep business records, whether in digital or hard copies. The IRS recommends saving financial records for up to seven years, although some documents should be saved longer than others. These are necessary for annual tax filings and potential audits.
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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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You must keep records of income and expenses for 7 years. Keep all your banking records, and clearly show money you take out and put into your business accounts. If you keep records on a computer, you need to store them in a format that we can use.
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Well, here's the answer, straight from the source. According to the Canada Revenue Agency, “if you file your return on time, keep your business tax records for a minimum of six years after the end of the taxation year to which they relate.”
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You must keep VAT records for at least 6 years (or 10 years if you use the VAT MOSS service). You can keep VAT records on paper, electronically or as part of a software program (such as book-keeping software). Records must be accurate, complete and readable.
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Tax disputes aside, the law generally requires you to keep tax records for 5 years after tax returns are lodged. This means you should keep all receipts, proof of income, calculations, nominations and other records which support the contents of you tax return for five years.
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Tax return transcripts: How to get old returns from the IRS. The IRS recommends that you keep tax records for at least three years from the date you filed your original return, and longer for special situations.
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The general rule for keeping receipts This means you should keep all receipts, proof of income, calculations, nominations and other records which support the contents of you tax return for five years.