A storm can strike suddenly and it may occur when family members are in different places, so develop a family communications plan. Make a Ready kit for at least three days of self-sufficiency. Familiarize yourself with the terms that are used to identify a tornado hazard.
In most cases, you should plan on keeping tax returns along with any supporting documents (e.g., W-2s, mileage logs if you itemize, etc.) for a period of at least three years following the date you filed or the due date of your tax return, whichever is later.or instance, if you omit more than 25% of your gross income from your return, the IRS has six years instead of three to assess an additional tax. Also, if you file a fraudulent return or donât file one at all (we donât recommend either!), the statute of limitations never expires.
For the most part, this is three years after the date the return was filed or the date the return was due, whichever is later. There are two major exceptions to this three-year period. First, if you file a fraudulent return or do not file a return, the IRS has an unlimited amount of time to assess additional tax. Second, if you do not report income that you should have reported, and it is more than 25% of your gross income for the year, the applicable statute of limitations is six years. So for the most part, three years is the length of time required to keep records for tax purposes.