Everybody wants to know “how long should I keep records?” Each time I’m asked I refer clients to the IRS’s answer to this question to draw their own conclusions.
Most are surprised to learn that they are keeping tax documents for about 4 years longer than necessary.
They re-read the page, questioning everything they assumed about retention records, then start confidently tossing. After sending this link to a virtual client in Texas, she let go of 8 boxes of old documents! She wanted me to make it clear that each was packed solid.
Are you keeping tax records too long? Probably. Read the IRS’s surprisingly simple explanation of what to keep, and for how long.
Surprised at what you learned? Think you can beat my virtual client in boxes of tax documents eliminated? Share your comments here!