Did you know the average American spends 13 hours every year preparing federal tax returns? For small business owners, that figure almost doubles to 24 hours!

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For most people, three years is a good time frame, but it could be much longer in many situations.

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Keep reading to find out exactly how long you should keep your tax records in your situation. The answer may surprise you!

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What is the Period of Limitations?

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5

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Unique Requirements for Property Owners

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If you own a small business, have a part-time side hustle or freelance gig, or get a lot of your income from 1099s or under-the-table jobs, there are some special considerations for you.

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5

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How Long to Keep Tax Returns: 7 Questions to Consider

How Long to Keep Tax Returns: 7 Questions to Consider

How Long to Keep Tax Returns: 7 Questions to Consider

Did you know the average American spends 13 hours every year preparing federal tax returns? For small business owners, that figure almost doubles to 24 hours!

Read More

For most people, three years is a good time frame, but it could be much longer in many situations.

Read More

Keep reading to find out exactly how long you should keep your tax records in your situation. The answer may surprise you!

Read More

What is the Period of Limitations?

To measure the period of limitations, it starts at the time when the tax return was filed. Returns filed early are treated as filed on the due date.

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5

For the actual tax return itself, the IRS advises keeping them forever. I would 100% agree with that.

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How Long to Keep Tax Returns (according to the IRS)

Unique Requirements for Property Owners

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One of the first possible exceptions to the rules is for keeping tax records related to property (such as your personal home, cars, or rental property).

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How Long Should I Keep Tax Returns as a Small Business Owner?

How Long Should I Keep Tax Returns as a Small Business Owner?

If you own a small business, have a part-time side hustle or freelance gig, or get a lot of your income from 1099s or under-the-table jobs, there are some special considerations for you.

Read More

5

The silver lining is you get to claim this loss to offset your income (in most cases) on your tax return.

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What if I Have Claimed Investment Losses or Bad Debt Write-Offs?

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Swipe Up to read more ABOUT How Long to Keep Tax Returns: 7 Questions to Consider

Swipe Up to read more ABOUT How Long to Keep Tax Returns: 7 Questions to Consider

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