Good recordkeeping of tax documents is a great way to be prepared and reduce the stress of filing next year’s tax return. Records that you should keep every year include information regarding the purchase or sale of property, tax records, business income and expenses, health insurance information, and prior year tax returns.
Many clients ask what the period of limitations is for the various documents. You can click here for guidance for how long to retain these records.
Click here for recordkeeping tips.
Source: Internal Revenue Service
