Here's how long you should keep these old tax records. Maintaining tax filing documentation is critical. It contains the answers to questions the Internal Revenue Service could ask years after you file your return.
http://www.bankrate.com/finance/money-guides/how-long-should-you-keep-tax-records.aspx
The following are suggestions about how long you should keep personal finance and investment records on file: The IRS has three years from your filing date to audit your return if it suspects good-faith errors.
http://www.bankrate.com/finance/personal-finance/how-long-to-keep-financial-records.aspx
Records for tax deductions taken. Length of time to keep, and why:Seven years. 1  The IRS has three years from your filing date to audit your return if it suspects good-faith errors.  The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund.
http://www.bankrate.com/finance/personal-finance/how-long-to-keep-financial-records.aspx
How long you should hang on to records. IF you ... These time frames are for the material used to file your tax return. As for the filing itself, you should hang on to the actual Form 1040 and accompanying schedules and forms forever.
http://www.bankrate.com/finance/money-guides/how-long-should-you-keep-tax-records.aspx
Owe additional tax and. (2), (3), and (4) do not. I should also note that even though you may not need to keep these records for tax purposes, please check to see if you need them for some other financial or legal reason.
http://blog.turbotax.intuit.com/tax-planning-2/how-long-do-i-need-to-keep-my-tax-records-11641/
Although the IRS doesn't require you to keep your records in a particular way, it does urge taxpayers to keep them in an orderly fashion and in a safe place. Form 5498, Roth and traditional IRA contributions. Form 8606, nondeductible IRA contributions. Annual statements.
http://www.bankrate.com/finance/money-guides/how-long-should-you-keep-tax-records.aspx
Credit card receipts and statements. Length of time to keep, and why:From 45 days to seven years. 1  Keep your original receipts until you get your monthly statement; shred the receipts if the two match up.  Keep the statements for seven years if tax-related expenses are documented.
http://www.bankrate.com/finance/personal-finance/how-long-to-keep-financial-records.aspx
If you made a nondeductible contribution to an IRA, keep the records indefinitely to prove that you already paid tax on this money when the time comes to withdraw. Keep the quarterly statements from your 401(k) or other plans until you receive the annual summary; if everything matches up, then shred the quarterlies.
http://www.bankrate.com/finance/personal-finance/how-long-to-keep-financial-records.aspx
One of our goals before the year is over is to FINALLY get the home office organized and that means getting our filing system in order. Before we throw out old documents and clean out the room, we need to know what to keep (and for how long) and what we can shred, especially when it comes to our tax records.
http://blog.turbotax.intuit.com/tax-planning-2/how-long-do-i-need-to-keep-my-tax-records-11641/
I decided to check the IRS guidelines first. The gist of their guidelines is that you only need to store records for as long as the period of limitations applies. For example, that means that if there is still time for you to amend one of your tax filings, you should keep the records for that tax year. The period of limitations is the period of time in which you can amend your tax return to claim a tax credit or tax refund or that the IRS can assess additional tax.
http://blog.turbotax.intuit.com/tax-planning-2/how-long-do-i-need-to-keep-my-tax-records-11641/
how long should you keep tax records
You should keep tax records for seven years. You should keep tax records for at least seven years.