Most people know that it is important to keep track of the documents that they will use to fill out their tax returns. Once the tax return is filed, however, most are unfamiliar with how long they need to keep those records. If you are audited by the IRS, you will be required to produce certain records to support your tax claims.
According to the IRS website, the length of time you need to keep a document depends on the type of document it is. As a general rule, the IRS recommends that taxpayers keep documentation until the “period of limitations” runs out for that year’s return. The period of limitations refers to the time period in which you may still amend your tax return or the IRS may assess additional taxes.
You also need to keep in mind that insurance companies, creditors and other parties may require you to keep records longer than the IRS does. Check with a qualified accountant to be sure.
At The Pew Law Center, PLLC, we understand that if you do run into tax problems with the IRS, it can be overwhelming. Whether you owe back taxes, haven’t filed taxes for several years, or have received an audit or wage garnishment notice from the IRS, the attorneys at The Pew Law Center, PLLC can help you or your business with these and any other federal and state tax problems.
We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona work through tough tax problems or file for bankruptcy every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing tax problems. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.
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