How Long Should Florida Residents Keep Supporting Records for Federal Tax Returns?

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Throughout the course of the year, it is important to keep track of documents that you will use to fill out your tax return. Once the tax return is filed, however, how long must you keep those records? If you are audited by the Internal Revenue Service (IRS), you will be required to produce them.

According to the IRS website, the length of time a document should be retained depends on what type of document it is, and what activity it is documenting. In general, it recommends that taxpayers keep supporting tax documentation until the period of limitations on that year’s return runs out.

The period of limitations refers to the time during which you may amend your tax return or the IRS may assess additional taxes. Some general guidelines for retaining tax returns and supporting documentations include:

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© David Wolf | Attorney Advertising

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