The general rule for tax records is to keep supporting documentation until the statute of limitations runs for filing your tax return or filing for your tax refund. This typically takes three years after the filing date or the due date of your tax return, whichever is later.
The Statute of Limitations
The statute of limitations for a timely filed tax return begins on the filing date or the due date of your tax return, whichever is later. For example, for a timely filed 2024 tax return, the statute of limitations begins to run on April 15, 2025.
- Three years for a timely filed return, regardless of amendments
- Three years for an amended return, regardless of filing status or filing type (Form 1040, Form 1040A, Form 1040EZ)
- Six years for failing to report income, including underreporting income on a tax return
- Six years for omitted income over $5,000 related to foreign financial assets
- Three years for failure to file an information form, such as Form 8938
What to Keep
In addition to tax returns, supporting documentation includes:
• Confirmation of charitable contributions
• Medical receipts (assuming you claimed those deductions)
• Information about transactions that will be reported on future tax returns
• Records of any transactions that support depreciation, amortization, or depletion deductions
• Records of special tax deductions and credits
• Records of household employees, including employment tax records and forms W-2 and W-4
• Records of property received as a gift or inheritance
• Records of income or other tax-related transactions
What to Toss
Records that are unnecessary or no longer required can be safely disposed of, including:
• Duplicates of receipts
• Records unrelated to deductions and credits
• Old tax returns
• Paycheck stubs
• Records that are no longer required due to statute of limitations
| Record Type | Retention Period |
|---|---|
| Income tax returns | Three years after filing date or due date |
| Form 1099 and other income records | Three years after filing date or due date |
| Supporting documentation | Three years after filing date or due date |
Storing Tax Records
To ensure the security and integrity of your tax records, store them in a safe place, such as a fireproof filing cabinet or a secure online storage service. Consider scanning and storing records electronically, as long as the information is accurate and can be reproduced if required.
Electronic Storage
You can scan and store your records electronically, using a scanner or online storage service. The IRS has accepted scanned receipts since 1997 and requires that electronic records be organized, indexed, and able to be reproduced if required.
What to Do with Electronic Records
When disposing of electronic records, consider the following:
• Wipe clean or have a professional do it for you
• Use e-shredding or electronic shredding services
• Dispose of old laptops, hard drives, and phones securely
Seeking Professional Advice
If you have questions about a specific record or need guidance on what to keep and what to dispose of, consider consulting with a tax professional.
Additional Tips
• Annotate your deductions on your credit card statement or scan and annotate your receipts
• Keep receipts and records for at least six years after filing
• Use a fireproof filing cabinet or secure online storage service
• Consider scanning and storing records electronically
Important Reminders
• Don’t throw away tax records, especially if they are still required by law
• Keep tax records private and secure
• Dispose of records securely, using a shredder or e-shredding services
Conclusion
Keeping and disposing of tax records requires careful consideration and attention to detail. By following the guidelines outlined above, you can ensure that you are meeting your tax obligations and protecting your personal and financial information.
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