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You can ask our tax advisors an unlimited number of questions at no extra cost (excludes business returns).
#2014 NJ TAX REFUND STATUS SOFTWARE#
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This method takes up far less space and is easier to organize than a stack of papers. The IRS accepts digital copies of documents as long as they are legible.
#2014 NJ TAX REFUND STATUS HOW TO#
This way, if an emergency arises, that individual will know how to access any documents they may need to keep your affairs in order.įinally, if you plan on keeping your records for a long time but also don’t want your home to be cluttered with paper, consider scanning your documents and keeping a backup of the files on an encrypted hard drive or in the cloud. It’s also a good idea to tell one other person where you keep the key to the safe (e.g., a spouse or other trusted family member). Along with your tax records you can keep other important documents like the deed to your house, mortgage and insurance information, your will or trust documents, and passwords to bank and brokerage accounts. The best way to store hard copies of tax documents is in a fire-proof safe. Tax returns contain sensitive information that identity thieves love. If you do decide to get rid of tax documents, make sure to shred them. For instance, certain creditors and even some insurance companies may require you to keep records longer than the IRS does. When to Get Rid of Tax Documents?īefore getting too excited and throwing your old returns away, check to make sure you do not need to keep it for other purposes. Also, if you file a fraudulent return or don’t file one at all (we don’t recommend either), the statute of limitations never expires. For instance, if you omit more than 25% of your gross income from your return, the IRS has six years instead of three to assess an additional tax. It’s also important to note that in some cases the statute of limitations is longer than three years. Remember, property isn’t just land or buildings it includes stock, office equipment and other assets. Additionally, if you amortize, depreciate, or buy or sell property, you should keep property records until the statute of limitations expires for the year in which you dispose of the property. If you file a claim for a loss of worthless securities or bad debt deduction, you must keep records for seven years. For instance, you should plan on keeping tax forms for retirement accounts such as IRAs until seven years after the account is completely wiped out. In some cases, you may need to hang onto your records longer than three years. Are There Exceptions to the Tax Record Rule? Likewise, the IRS generally has only three years from the filing date or due date of the return (whichever is later) to assess an additional tax. Under the statute, if you do not file a claim for a refund that you are entitled to, you generally have the later of three years from the date you filed the original return or two years from the date you paid the tax, to file the claim. Keeping tax returns for the three-year time period is tied to the IRS statute of limitations. Have we answered “how long do you keep tax records” yet? If not, here’s more information on why keeping tax returns for three years is important… Why is Keeping Tax Returns For Three Years Important? This includes W-2s, 1099s, expense tracking, mileage logs, records supporting itemized deductions and other documents. You should keep every tax return and supporting forms. In most cases, you should plan on keeping tax returns along with any supporting documents for a period of at least three years following the date you filed or the due date of your tax return, whichever is later. So, what can stay and what should go? If you’re wondering how long you should keep tax records, the answer is pretty clear. You may have stacks upon stacks of old newspapers, credit card statements, random print offs, and even copies of your tax records.
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If you’re like most Americans, paper piles up at home. To help, we will share how long to keep tax returns. Editor’s Note: If your tax return is still buried under a pile of papers next to your computer, it’s probably time to do a little organizing.