When it comes to taxes, many taxpayers are hesitant to throw away even the tiniest scrap of paper. It’s true that the Internal Revenue Service (IRS) wants you to hang onto your important tax records. But that doesn’t mean that you have to keep your tax records forever. The general rule is that you should hold onto your tax returns and supporting documentation until the statute of limitations runs for filing your tax returns or filing for your tax refund.
Supporting documentations for your tax returns includes not only your W2’s and 1099’s but also bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks, proofs of payment, and any other records to support deductions or credits you claim on your return.
When it comes to figuring out the statute of limitations, here’s what you need to know:
This article is written from Forbes