How Long Should You Keep Your Tax Documents
It is not inconceivable to picture a paperless society somewhere in the near future. In fact with more and more consumers paying their bills online and choosing electronic data storage over paper, we are well on our way. Despite this gradual switch to all things electronic, taxpayers are required to keep paper documents to serve as proof of the data used to complete their annual tax return. How long you must keep certain tax documents depends largely on the type of action or expense for which they provide evidence. According to the IRS, “generally, you must keep your records that …