how many years worth of tax returns do you need to keep?
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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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Revenu Québec strongly suggests that you keep your income tax papers for six years. These papers may consist of slips, statements, invoices, schedules or cheques. Even if you're not required to enclose some of these documents with your tax return if you file electronically, you should keep them anyway.
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How long to keep your records. Generally, you must keep your written evidence for five years from the date you lodge your tax return.
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Whether you operate a business with employees or are self-employed, the Internal Revenue Service advices that all records of employment taxes be kept for at least four years after the filing of the fourth quarter of the last year. Other tax records, such as retirement plan documents, must be kept longer.
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The Internal Revenue Service has established some basic record-keeping rules for tax documents. Outside the tax arena, there's remarkably little guidance about how long you should keep business paperwork. Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years.
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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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3 to 7 Years Keep receipts that support tax deductions for three to seven years. The Internal Revenue Service can randomly audit your return up to three years after the filing date or if it suspects you made an error. That deadline extends to six years if it believes you underreported income by 25 percent or more.
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How long to keep your records. Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to. The tax year: is the fiscal period for corporations.
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This means that any of the deceased persons' tax returns are subject to random audits for the next three years. However, tax experts recommend that you preserve all tax records for a minimum of seven years in case there are questions about the deceased person's returns.
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['Always keep receipts, bank statements, invoices, payroll records, and any other documentary evidence that supports an item of income, deduction, or credit shown on your tax return.', 'Most supporting documents need to be kept for at least three years.']
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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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Credit card and bank statements: Five years if you need them for tax purposes, otherwise one year. Tax documents: As we've noted in our detailed post on tax records, the basic requirement in Australia is to keep documents for five years after you've received an assessment.
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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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According to the IRS, when it comes to U.S. small business tax returns, 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 credit or refund after you file your return.
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You should keep your records for at least 15 months after you sent the tax return.
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Keep monthly statements for one year. Keep annual statements related to your taxes for at least seven years. They provide proof of income from interest-bearing accounts and can be a record of tax-related transactions. Keep until you get the next statement showing that you paid, unless you need it for tax purposes.
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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).