You probably think you know how long to retain tax returns, because you've heard the standard answer. But the standard answer is wrong.
In the immortal words of Reverend Lovejoy, "short answer, yes with an if. Long answer, no with a but." This is going to be one of those articles.
Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations.
Do you know how long to keep tax records? Tax experts explain best practices for maintaining your documents to avoid problems with the IRS.
Personal pay and tax records you must keep to fill in a Self Assessment tax return .
You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs (HMRC) may.
The IRS generally recommends keeping copies of tax returns and supporting documents at least three years. Employment tax records should.
How long to keep your records. Generally, you must keep your written evidence for five years from the date you lodge your tax return or if you.
I find that in the case of tax returns, many people are afraid to discard them or confused as to how long they should keep them. The result is that.