Many people have questions about taxes and how they work. I’m here to answer some of the most common. If your question isn’t answered here, then consider giving me a call. I’d be happy to provide you with the information you need.
How long should I keep my tax records for?
According to federal law, you’ll need to keep them for at least three years. That said, it is generally beneficial to keep documents for at least six years.
What sorts of documents should I make sure I keep?
Aside from the tax returns themselves, individuals should keep bank statements, paycheck stubs, bills, credit card statements, and other related documents. Businesses should keep things such as deposit slips, purchase orders, and employee personal records. Essentially, anything that may be related to finances should be kept in a safe place.
Do I need to keep my records forever or not?
Federal law doesn’t require it, but you may still want to do so, as it can be a useful way to keep track of your finances.
How should I dispose of my tax records when I don’t need them?
When it comes time to get rid of tax documents, bills, or other related items, you’ll want to shred them to make sure any personal information is destroyed. This way, you won’t have to worry about things such as identity theft.
What should I do if I need assistance with my tax returns?
If you need help with your taxes, then consider working with a qualified accountant. They can help you make sure that everything is handled correctly.