How long do I really need to keep my tax returns?

How long do I really need to keep my tax returns?
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1 Answer

Answer :

answer:From Kiplinger.com: “You’ll want to keep tax returns forever. You’ll need them when you apply for a loan or apply for disability insurance. Plus, old tax forms can be useful if you can’t track down some of your other paperwork—like showing taxes you’ve already paid for dividends and capital gains distributions you reinvested. You might be able to find some of the information in those old tax returns. But you usually can throw away supporting documents—those files you hold onto just in case you’re audited—three years after filing that tax return, or six years if you have your own business. You generally can’t be audited after that.” Note: the IRS says the same.
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Related questions

When filing your tax returns, can you designate a certain amount of your return to go to a second party, such as a lender?

Description : When filing your tax returns, can you designate a certain amount of your return to go to a second party, such as a lender?

Last Answer : answer:There are tax preparers that will give you a “tax refund” loan. But they will charge you a lot for the privilege of a short term loan. And you have to get your return done by them. Check with H&R Block if you can have it electronically deposited at a third party.

Are federal tax returns running behind the posted dates?

Description : Are federal tax returns running behind the posted dates?

Last Answer : I’m still waiting on mine. It’s my money, and I need it now!

If a store makes an error in your favor and returns too much $$ to you, do you speak up?

Description : If a store makes an error in your favor and returns too much $$ to you, do you speak up?

Last Answer : Of course. Always. And when it goes the other way, too.

Is there any reason to keep income tax returns dating back to 1999-2000?

Description : Is there any reason to keep income tax returns dating back to 1999-2000?

Last Answer : According to a tax attorney and other professional preparers, you only have to keep federal returns for 7 years. There is no statute of limitations for CA state returns, so there might not be any for GA ... file a tax return or report, Georgia can audit you or assess tax against you at any time.

Hopelessly fighting to withhold his tax returns. Desperately struggling to keep Mueller away from Congress, what’s left to hide? What’s beyond the revelation of billion dollar loser?

Description : Hopelessly fighting to withhold his tax returns. Desperately struggling to keep Mueller away from Congress, what’s left to hide? What’s beyond the revelation of billion dollar loser?

Last Answer : Pee pee tapes, and multiple payments for his mistresses to abort his illegitimate children.

How many years do we have to keep our back tax returns?

Description : How many years do we have to keep our back tax returns?

Last Answer : Professional Accountants recommend that you keep 7 years of tax returns. You should also file away the supporting documents like receipts.

Keep Past Tax Returns?

Description : Keep Past Tax Returns?

Last Answer : After filing your tax returns, be sure to keep a copy for your records. You never know when you may need to take a look at information in past tax returns. Sometimes, people are given a surprise ... may owe back taxes to the IRS. Prevent any further hassle from the IRS by keeping your back taxes.

How long does it take to get a refund from my federal tax returns?

Description : How long does it take to get a refund from my federal tax returns?

Last Answer : People normally get their federal tax returns in the time period of March to April. Depending on where you are located and when you filled it out, this may differ, but usually it's near the end of the 1st quarter of the year.

Would it be fair to have a tax on unrealized capital gains?

Description : Would it be fair to have a tax on unrealized capital gains?

Last Answer : No, for the very reason you have listed. If the gains are not realized, you don’t have the cash to pay the taxes. This is an astonishingly stupid proposal.

What's the largest tax refund you have received?

Description : What's the largest tax refund you have received?

Last Answer : Well, when I was claiming four kids, and my gross income was right at that break off point of about $13,000, I got about $7,000 back.

What tax precautions should we be taking?

Description : What tax precautions should we be taking?

Last Answer : answer:I always call my tax person before the end of the year to discuss this. We had our chat last week; my issues were how much capital loss from stock sales I was carrying forward from last year. Give your lady a buzz and ask her this question.

Would anyone care to recommend a reputable online tax service?

Description : Would anyone care to recommend a reputable online tax service?

Last Answer : I always use Turbotax and have found them easy to use, reliable and safe.

Wait, what? The right thinks if they reduce federal spending then we will climb out of all our problems and all the needs that these tax dollars were meeting will evaporate?

Description : Wait, what? The right thinks if they reduce federal spending then we will climb out of all our problems and all the needs that these tax dollars were meeting will evaporate?

Last Answer : answer:No, no, no. That would just be pushing the problem down so congress can look good playing high and mighty and not have to deal with it or the peeved, headache inducing, voters. ... , you die, whichever. Please avoid standing in the sarcasm for prolonged periods, it may prove disorientating.

Are re-invested stock dividends tax-exempt?

Description : Are re-invested stock dividends tax-exempt?

Last Answer : no. You should have gotten a 1099 from WalMart (or the broker) and the dividends will show up as taxable income.

Should I file my taxes online or see a tax consultant?

Description : Should I file my taxes online or see a tax consultant?

Last Answer : I love TurboTax. I did my own taxes for many years, then I had HR Block do it for a few. Unless your taxes are really complicated, TurboTax is the cheapest, easiest way to do your taxes.

No politicking, just economics. Would simply taxing all goods and services work better than the American system of taxation? Akin to sales tax.

Description : No politicking, just economics. Would simply taxing all goods and services work better than the American system of taxation? Akin to sales tax.

Last Answer : I think, and have for awhile, taxing individuals is messy and inefficient. Taxing all goods and services is even more messy and inefficient. If I had to redo from scratch, I’d perhaps only tax corporations, inheritances, and capital gains as a way to simplify everything.

Can anyone explain sales tax in Colorado?

Description : Can anyone explain sales tax in Colorado?

Last Answer : answer:According to Colorado's government website: The City and County of Denver has a general sales tax of 3.62%, a 4.0% sales tax on food and liquor for immediate consumption, and a 7.25% sales tax ... with sales and use tax of .1%, and the Football Stadium District with a .1% sales and use tax.

What is the break down for one federal tax dollar in 2010?

Description : What is the break down for one federal tax dollar in 2010?

Last Answer : answer:You might have to do a little bit of math to break it down to specifically one dollar, but here’s an excellent infographic for the federal budget: http://www.wallstats.com/deathandtaxes/

Filling Out Tax Information For The First Time?

Description : Filling Out Tax Information For The First Time?

Last Answer : You should use your own SSN, and just fill in the blanks that are shown. Tax is what you pay, not what you receive. The government charges taxes on income over a certain amount, and the Adsense company needs your SSN to report your earnings to the IRS.

When finding the tax on an item, do you round the number of cents?

Description : When finding the tax on an item, do you round the number of cents?

Last Answer : This question can be interpreted in two ways. If you mean Do you round the cost of the item to the nearest dollar, and then compute the tax? , then: No. The tax applies to the actual cost of the item, not a more- ... tax is 10.62 * 0.05 = 0.531. The total cost is therefore $10.62 + $0.53 = $11.15

Child Tax Credit?

Description : Child Tax Credit?

Last Answer : If you look at the bottom of the link you posted, there is a link to pub 972 which has a worksheet. Basically, you take 110k off whatever your AGI is, so let's say your AGI is $130k. You take ... Or for any number inbetween there, you basically lose $50 of the credit for every 1,000 in income (5%).

Can someone answer another tax question?

Description : Can someone answer another tax question?

Last Answer : You can claim what ever you like, but if you have to pay at the end of the year, you will have an underpayment penalty if you owe more than $1000.

Can someone answer a tax question for me?

Description : Can someone answer a tax question for me?

Last Answer : You’ve simply got to file this year’s return, and file for the years past as well. You can get on line to the IRS home page for past years forms.

Do you plan on spending your tax rebate check (thus stimulating the economy as intended) or will you save your money?

Description : Do you plan on spending your tax rebate check (thus stimulating the economy as intended) or will you save your money?

Last Answer : Probably going to end up blowing it on stupid stuff. Though I’d really like to save it if possible.

With the "$600" tax rebate from the government in effort to boost the economy,what will u do with yours?

Description : With the "$600" tax rebate from the government in effort to boost the economy,what will u do with yours?

Last Answer : Save it. Part of the reason the economy is tanking is because Americans are overextended in debt—both on an individual level, with maxed-out credit cards and houses leveraged to the max, and on a collective level, with soaring federal deficits to pay for military adventurism.

I am unemployed. Do I pay federal tax on interest rate income i make from investing in treasury notes?

Description : I am unemployed. Do I pay federal tax on interest rate income i make from investing in treasury notes?

Last Answer : I would check the IRS website….but you probably do have to pay taxes on that income if it exceeds a certain amount.

How much tax can I expect to pay on my first paycheck?

Description : How much tax can I expect to pay on my first paycheck?

Last Answer : Be sure and include money for the Self Employment tax (a little more than 14% of gross) that you will need to pay too. Federal varies. To be on the safe side, I save out 25%. Some people do 30%.

Can someone who lives in another state file your tax returns?

Description : Can someone who lives in another state file your tax returns?

Last Answer : If they have your permission and you signed off on it, then yeah if you are filing a simple federal form. As for state taxes, you may want to have some who knows your state taxes rules for deductions ... on top of state and federal. But a simple form that you fill at home is usually not an issue.

Should the Democrats give up on demanding Trump's tax returns and why do they matter?

Description : Should the Democrats give up on demanding Trump's tax returns and why do they matter?

Last Answer : Oh boy, are you going to get it on this site .lol But many of us agree with you, stop spending taxpayer dollars money on a fruitless never-ending witch hunt. Impeachment is a waste of time ... of them sticks. Remember, poor Hillary and her emails, which clearly violated federal law? Well we do.

Are Trump's 2005 tax returns meaningless?

Description : Are Trump's 2005 tax returns meaningless?

Last Answer : Yes.

Is Romney not releasing his tax returns because he is afraid that the IRS will see them?

Description : Is Romney not releasing his tax returns because he is afraid that the IRS will see them?

Last Answer : Seeing that they are tax returns I think that the IRS already has them.

Is it legal to deduct med. insurance premiums on Fed or state tax returns?

Description : Is it legal to deduct med. insurance premiums on Fed or state tax returns?

Last Answer : I'm not an accountant, but I do believe you can deduct your med premiums up to the limit of your percentage of adjusted gross income

What are some reputable and BBB acredited companies that allow you to do your tax returns online?

Description : What are some reputable and BBB acredited companies that allow you to do your tax returns online?

Last Answer : Tax Act is a very reputable company that is also BBB accredited that allows you to complete and file your tax returns online. You can find them at www.taxact.com/. Other options of reputable ... H&R Block and Turbo Tax, however they do not have a BBB accredited business logo on their websites.

Where do I get copies of my back tax returns?

Description : Where do I get copies of my back tax returns?

Last Answer : You must make your own copies and keep them in a safe place. The IRS does not provide copies of previous year returns.

Are there stories about people cheating on their corporate tax returns?

Description : Are there stories about people cheating on their corporate tax returns?

Last Answer : Are you kidding? There are tons of stories. When I worked at the IRS as a teenager during tax season I worked in the fraud department. People would invent phantom employees, take deductions that they are not entitled to and try and pay employees under the table to lessen their tax burden.

Will the IRS help me with my tax returns?

Description : Will the IRS help me with my tax returns?

Last Answer : The official IRS website offers many informative links that will be invaluable to correctly filling out your tax returns. FAQs are offered in list form and can be accessed directly via the ... , beginning this year, nearly all official state and federal forms are available in downlowdable format.

What are the procedures for filing back tax returns?

Description : What are the procedures for filing back tax returns?

Last Answer : Filing your taxes is something that everyone has to do on a yearly basis. To file these back returns it is highly suggested to go to a tax preparer, but one can file themselves by requesting the back tax filing paperwork from the IRS.

Who has to file tax returns?

Description : Who has to file tax returns?

Last Answer : Not everyone needs to file a federal tax return. Those with a certain gross income, tax filing and status and age must file. You many find more comprehensive information at http://www.investopedia.com/ask/ ... certain age when you don't have to file income tax return? what age can you stop filing?

I have unfiled tax returns, what can I do?

Description : I have unfiled tax returns, what can I do?

Last Answer : Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return ... filing and payment responsibilities after the plan is approved. However, full payment of taxes saves you money.

What federal tax credits are available for 2010 tax returns?

Description : What federal tax credits are available for 2010 tax returns?

Last Answer : There are many tax credits available for 2010. Energy credits are of big interest as this is the last year you can claim them. There are also credits for dependent care costs and charitable donations.

Is it safe to file tax returns online?

Description : Is it safe to file tax returns online?

Last Answer : As with anything online that requires you to enter personal information about yourself take caution. There are some very good and secure sites where you can file your taxes like turbo tax.

How can I get copies of previous years tax returns which I no longer have access to?

Description : How can I get copies of previous years tax returns which I no longer have access to?

Last Answer : You can get a copy of previous tax returns (IRS calls these transcripts) from IRS by calling 1-800-829-1040, or order by mail using IRS Form 4506T (Request for Transcript of Tax Return). There is no fee for transcripts. It takes two weeks for delivery.

What is the definition of delinquent tax returns?

Description : What is the definition of delinquent tax returns?

Last Answer : Delinquent tax returns are tax returns that have been filed late, or not at all; usually this incurs penalties and fees that increase over time, so it's best to pay your taxes fully and on time.

How do I claim my back tax returns?

Description : How do I claim my back tax returns?

Last Answer : By using the IRS, you can claim tax returns easily. The IRS is a good way to get tax returns. If you have any troubleshooting, they have a help section.

How do you file small buiness tax returns?

Description : How do you file small buiness tax returns?

Last Answer : If your business has been large and successful, you might have trouble taking care of your company tax returns on your own. I would recommend getting a tax advisor who can professionally help your ... do the returns correctly. You will recieve special tax forms and will have to claim your income.

How to Find Help Filling Out Income Tax Returns?

Description : How to Find Help Filling Out Income Tax Returns?

Last Answer : During the spring every year all people who earn a wage in the country are required to fill out a federal tax return. While people have to do this every year, federal tax return documents ... with insight into how you can take advantage of federal tax credits and deductions to reduce your liability.

We handle a large volume of tax returns here. How has your experience prepared you for this?

Description : We handle a large volume of tax returns here. How has your experience prepared you for this?

Last Answer : During college, I participated in the IRS's Volunteer Income Tax Assistance program. For two nights a week from February through April, I spent a few hours preparing individual tax returns in a public ... find some past experience that proves to the interviewer he can handle a large volume of work.

For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast

Description : For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast

Last Answer : Tax returns preparation

For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast

Description : For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast

Last Answer : Tax returns preparation

Which of the following is an example of an assurance engagement?a. Management advisory services b. Reporting on financial statements prepared using other comprehensive basis of accounting. c. compilation of financial information d. preparation of tax returns

Description : Which of the following is an example of an assurance engagement? a. Management advisory services b. Reporting on financial statements prepared using other comprehensive basis of accounting. c. compilation of financial information d. preparation of tax returns

Last Answer : Reporting on financial statements prepared using other comprehensive basis of accounting.