How long should I keep my records?

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided the retain their documents for this period of time. However, if the IRS believes you have significantly under-reported your income (by 25 percent or more), it may go back six years in an audit. If there is any indication of fraud, or you do not file a return, no period of limitation exists. To be safe, contact us with additional questions.

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